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. True or False? A payment bond provides the construction contractor a guarantee that they will  receive timely payment for properly completed work 2. True or False? The terms price and cost are the same thing as it applies to a construction  estimate. 3. From the following list, which item is least governing when interpreting a contract requirement? a. The Contract Agreement b. Amendments to th

. True or False? A payment bond provides the construction contractor a guarantee that they will  receive timely payment for properly completed work 2. True or False? The terms price and cost are the same thing as it applies to a construction  estimate. 3. From the following list, which item is least governing when interpreting a contract requirement? a. The Contract Agreement b. Amendments to th

Fundamentals Of Construction Estimating
Fundamentals Of Construction Estimating
4th Edition
ISBN:9781337399395
Author:Pratt, David J.
Publisher:Pratt, David J.
Chapter8: Pricing Generally
Section: Chapter Questions
Problem 5RQ
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1. True or False? A payment bond provides the construction contractor a guarantee that they will 
receive timely payment for properly completed work

2. True or False? The terms price and cost are the same thing as it applies to a construction 
estimate.

3. From the following list, which item is least governing when interpreting a contract requirement?
a. The Contract Agreement
b. Amendments to the Contract Agreement
c. Section view drawings
d. Specifications

Expert Solution
Step 1: Introduction

Construction works include demolition, erection and repair of structures and civil works. Construction relies on three sectors, including building infrastructure and industry. Every construction project is unique and varies in size and scale.

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