Louisiana Contractor's License Flashcards

Contact info and a confidentiality statement.

A 4 hour course in unfair trade practices and consumer protection law.

30 days.

<p>No later than February 1st of each year.</p> Signup and view all the answers

<p>5 years.</p> Signup and view all the answers

<p>Cities and parishes.</p> Signup and view all the answers

<p>Highlights of the business plan.</p> Signup and view all the answers

<p>Company vision, mission, legal structure, management personnel, business location, and facilities.</p> Signup and view all the answers

<p>Specific products, primary subcontractors and suppliers, and expansion opportunities.</p> Signup and view all the answers

<p>Target market, trends, and major competitors.</p> Signup and view all the answers

<p>Financial statements, balance sheet, income statement, and cash flow statement.</p> Signup and view all the answers

<p>A business owned and managed by a single individual.</p> Signup and view all the answers

<p>A business in which two or more persons combine their assets and skills.</p> Signup and view all the answers

<p>A type of business with limited liability for the owners, not paying corporate income tax.</p> Signup and view all the answers

<p>The most common type of corporation, offering limited liability to its owners.</p> Signup and view all the answers

<p>A form of corporation that avoids double taxation by passing income through to shareholders.</p> Signup and view all the answers

<p>An agreement between two or more companies to share a business project.</p> Signup and view all the answers

<p>Protects the public from unqualified, inexperienced, incompetent, or unethical contractors.</p> Signup and view all the answers

<p>Conducting investigations and disciplining problem contractors.</p> Signup and view all the answers

<p>15 members.</p> Signup and view all the answers

<p>$50,000 or more.</p> Signup and view all the answers

<p>$10,000 or more.</p> Signup and view all the answers

<p>$75,000 or more.</p> Signup and view all the answers

<p>$1 or more.</p> Signup and view all the answers

<p>$7,500 or more.</p> Signup and view all the answers

<p>Any project other than residential.</p> Signup and view all the answers

<p>If in the same subdivision.</p> Signup and view all the answers

<p>Property owners building for their own use, donated labor, public utilities, equipment repair, and mobile home builders.</p> Signup and view all the answers

<p>$500 per day of the violation, up to 3 months in jail, or both.</p> Signup and view all the answers

<p>The person who will hold the business license.</p> Signup and view all the answers

<p>30 days.</p> Signup and view all the answers

<p>60 days.</p> Signup and view all the answers

<p>30 days prior to the anniversary date they were issued.</p> Signup and view all the answers

<p>Supplements your risk management program and is sometimes required by law.</p> Signup and view all the answers

<p>Damage to property, theft, or loss.</p> Signup and view all the answers

<p>Protection from claims arising from injuries or damage to other people or property.</p> Signup and view all the answers

<p>Property and liability insurance that has been bundled together.</p> Signup and view all the answers

<p>Loss from larceny, robbery, forgery, fraud, and vandalism.</p> Signup and view all the answers

<p>Life insurance applied for, owned, and payable to a business on the life of a key individual.</p> Signup and view all the answers

<p>Protection when contractual obligations are not met.</p> Signup and view all the answers

<p>Total dollar amount, length of term, requirements for defect, and enforcement.</p> Signup and view all the answers

<p>Gives you a competitive edge and helps anticipate problems.</p> Signup and view all the answers

<p>Increases efficiency and helps develop employees.</p> Signup and view all the answers

<p>Your reputation and helps avoid litigation.</p> Signup and view all the answers

<p>An essential tool for communicating and keeping your business competitive.</p> Signup and view all the answers

<p>Logos, stationery, and business cards.</p> Signup and view all the answers

<p>Careful review of construction documents and site visit.</p> Signup and view all the answers

<p>An invitation, instructions, required forms, and supplemental information.</p> Signup and view all the answers

<p>Revealing the sub-bid of one subcontractor to obtain a lower price from another.</p> Signup and view all the answers

<p>The effort to determine the relative standing of a quoted bid to submit a revised bid lower than the original.</p> Signup and view all the answers

<p>An illegal practice where firms agree in advance who will submit the lowest bid.</p> Signup and view all the answers

<p>Project phases with the labor and materials needed for each phase.</p> Signup and view all the answers

<p>Provides the most accurate basis for estimating project costs.</p> Signup and view all the answers

<p>Monitors current projects, provides reports, and helps create accurate future estimates.</p> Signup and view all the answers

<p>A legally binding agreement between two or more parties.</p> Signup and view all the answers

<p>The obligations of a contract and an agreement on terms.</p> Signup and view all the answers

<p>Something of value exchanged for something else of value.</p> Signup and view all the answers

<p>Those who are legally capable of entering into contracts and are of sound mind.</p> Signup and view all the answers

<p>A clause stating a contract must be legal and not against public policy.</p> Signup and view all the answers

<p>Payment and terms, obligations of the parties, supplemental conditions, and breach requirements.</p> Signup and view all the answers

<p>Specifies lump sum, unit price or cost-plus method and includes all expected fees.</p> Signup and view all the answers

<p>Ensures the contractor follows a planned schedule and pays for labor and materials as they occur.</p> Signup and view all the answers

<p>A percentage of money owed to the contractor that is held back to encourage project completion.</p> Signup and view all the answers

<p>Obligations the parties must meet for the agreement to be valid.</p> Signup and view all the answers

<p>Often prepared in a separate document and tailored to each project.</p> Signup and view all the answers

<p>Occurs when a party fails to perform according to the terms.</p> Signup and view all the answers

<p>A serious violation of a contract that may void it and lead to litigation.</p> Signup and view all the answers

<p>A less serious violation that does not normally result in contract termination.</p> Signup and view all the answers

<p>Damages that parties agree in advance should be paid if the contract is breached.</p> Signup and view all the answers

<p>Standard language or clauses used in contracts, often referred to as miscellaneous clauses.</p> Signup and view all the answers

<p>A provision that excuses a party from liability due to unforeseen events.</p> Signup and view all the answers

<p>Absolves a specific party from any payment for losses incurred by a third party.</p> Signup and view all the answers

<p>The contractor's responsibility for the repair of defects after project completion.</p> Signup and view all the answers

<p>A contingency in case the completion deadline is not met.</p> Signup and view all the answers

<p>Assignments of cost incurred to complete a project ahead of schedule.</p> Signup and view all the answers

<p>Limits the number of changes that can be made to a project.</p> Signup and view all the answers

<p>Preliminary clauses identifying the intent or purpose of the agreement.</p> Signup and view all the answers

<p>A contract with a fixed total price for a well-defined product or service.</p> Signup and view all the answers

<p>A contract where payment is based on the contractor's quoted price per unit.</p> Signup and view all the answers

<p>A contract reimbursing the contractor for specified incurred costs, plus overhead.</p> Signup and view all the answers

<p>The traditional form of contracting where the owner hires an architect and contractor.</p> Signup and view all the answers

<p>The owner contracts with one entity to provide both design and construction services.</p> Signup and view all the answers

<p>Coordinates the construction process on behalf of the owner.</p> Signup and view all the answers

<p>Includes obtaining financing and land for the project alongside construction.</p> Signup and view all the answers

<p>Construction begins before design and specifications are complete.</p> Signup and view all the answers

<p>Separate contractors contracting directly with the owner for specific project elements.</p> Signup and view all the answers

<p>Sets common goals for all parties involved to increase communication and reduce claims.</p> Signup and view all the answers

<p>From the American Institute of Architects and Associated General Contractors.</p> Signup and view all the answers

<p>A written agreement to modify the contract.</p> Signup and view all the answers

<p>Modifications made to project plans or specifications prior to contract award.</p> Signup and view all the answers

<p>An unstructured discussion designed to resolve disputes.</p> Signup and view all the answers

<p>Involves a neutral third party to help resolve disputes.</p> Signup and view all the answers

<p>A third party acts as a judge to render a legally binding decision.</p> Signup and view all the answers

<p>The central location for bid documents, provisions, specifications, and addenda.</p> Signup and view all the answers

<p>Legally binding but harder to prove in disputes.</p> Signup and view all the answers

<p>Clarity of language and meaning to avoid disputes.</p> Signup and view all the answers

<p>Formally requesting new products if the original are discontinued or for savings.</p> Signup and view all the answers

<p>Company hired by a general contractor for a specific portion of the project.</p> Signup and view all the answers

<p>Critical for scheduling subcontractors and ordering materials.</p> Signup and view all the answers