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10 Questions

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Project Cost Management Chapter 9

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Questions and Answers

What percentage of the contract must be accomplished before no further retention is made on progress billings for the balance of the work?

100%

50% (correct)

25%

75%

How long does the owner have to pay the contractor after receiving a request for payment?

15 days

30 days (correct)

45 days

60 days

What is the basis for estimating the value of work accomplished by the contractor?

Industry standards

The contractor's invoices

The owner's discretion

The schedule stipulated in the Breakdown of Work and Corresponding Value (correct)

What is the consequence of subletting or subcontracting work without the owner's consent?

Written notice and fixing the date for resumption Signup and view all the answers

What is the process after the contractor notifies the owner that the work is complete?

The owner verifies the work and makes final estimates Signup and view all the answers

What is the purpose of retaining a percentage of the progress billings?

To ensure the contractor's performance Signup and view all the answers

What is the role of the owner in the payment process?

To estimate the value of work accomplished Signup and view all the answers

What happens when the contractor notifies the owner that the work is complete?

The owner verifies the work and makes final estimates Signup and view all the answers

What is the significance of the Breakdown of Work and Corresponding Value?

It estimates the value of work accomplished Signup and view all the answers

What is the purpose of the acceptance and final payment process?

To verify the completion of the work Signup and view all the answers