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Types of Contract Payments Quiz

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Questions and Answers

In a Fixed Price or Lump Sum contract, what is the biggest risk carried by the contractor?

Competent contractors might not bid due to high-risk contracts

Contractor handles most of the risk (correct)

Changes and change orders can be very expensive

Contractor aims to reduce cost to maximize profit

What is the advantage of a Cost Plus Fixed Percentage contract for the owner?

Final price is known

Easy to arrange funds

Contractor aims to finish the project ASAP

Maximum flexibility for owner with change orders (correct)

In what scenario is a Cost Plus Fixed Percentage contract typically used?

When price can be determined in another way

When final price is known

For urgency (correct)

When competent contractors might not bid due to high-risk contracts

What is the main disadvantage of a Fixed Price or Lump Sum contract?

Changes & change orders can be very expensive Signup and view all the answers

Under a Cost Plus Percentage contract, who bears the actual costs?

Owner Signup and view all the answers

Price charged to owner

OMR 17,000 Signup and view all the answers

Contractor profit

OMR 1,500 Signup and view all the answers

Cost Plus Fixed %

Cost Plus Fixed Percentage Signup and view all the answers

Cost Plus Fixed Fee

Cost Plus Fixed Percentage Signup and view all the answers

Fixed Price /Lump Sum

Fixed Price / Lump Sum Signup and view all the answers