Podcast
Questions and Answers
What is the Contractor agreeing to do in a Labor Contract?
What is the Contractor agreeing to do in a Labor Contract?
- Provide materials for the construction
- Complete the work based on the Owner's design
- Perform a stipulated job of work in exchange for a fixed sum of money (correct)
- Take responsibility for the project's design adequacy
In a UNIT PRICE CONTRACT, how is the payment calculated?
In a UNIT PRICE CONTRACT, how is the payment calculated?
- Per unit of work completed (correct)
- Fixed sum of money
- Based on the completion time
- Percentage of the total cost
What is a disadvantage of a Labor Contract?
What is a disadvantage of a Labor Contract?
- Ability to control design changes
- Limited involvement in the project design
- Uncertainty about project cost (correct)
- Ease of determining project timeline
What should be done in case of a discrepancy between Drawings and Specifications in a contract?
What should be done in case of a discrepancy between Drawings and Specifications in a contract?
Which party is responsible for the sufficiency of the Drawings and Specifications in a contract?
Which party is responsible for the sufficiency of the Drawings and Specifications in a contract?
What does the Contractor agree to do in a UNIT PRICE CONTRACT?
What does the Contractor agree to do in a UNIT PRICE CONTRACT?
What type of contract involves payment based on milestones and the completion of stages?
What type of contract involves payment based on milestones and the completion of stages?
When using a labor contract, who arranges and supplies all materials for the construction?
When using a labor contract, who arranges and supplies all materials for the construction?
What is an advantage of using a labor contract for the contractor?
What is an advantage of using a labor contract for the contractor?
Why might competent contractors decide not to bid for a high-risk lump sum contract?
Why might competent contractors decide not to bid for a high-risk lump sum contract?
Which type of contract has the advantage of the final price being known to the owner before work commences?
Which type of contract has the advantage of the final price being known to the owner before work commences?
In which type of contract is payment to the contractor based on measures?
In which type of contract is payment to the contractor based on measures?
What is the role of OWNER'S REPRESENTATIVE?
What is the role of OWNER'S REPRESENTATIVE?
What does a PERFORMANCE BOND serve as?
What does a PERFORMANCE BOND serve as?
In the context of the text, what does the term SUB-CONTRACTOR refer to?
In the context of the text, what does the term SUB-CONTRACTOR refer to?
Which term best defines 'WORK' as mentioned in the text?
Which term best defines 'WORK' as mentioned in the text?
What is the primary function of a PERFORMANCE BOND according to the text?
What is the primary function of a PERFORMANCE BOND according to the text?
What rules are followed in case of conflict between Contract provisions?
What rules are followed in case of conflict between Contract provisions?
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