In a construction contract, which is the best party to bear the various risks?

Q: Does the work covered in a construction contract include a stated gaurantee period?

A: The contract is a legal agreement which is signed between two or more parties. The limitation period…

Q: (a) Design-bid-build is a sequential process to deliver a construction project. Produce a short…

A: Step : 1 Design-bid-build :- It is a sequential process to deliver a construction project where one…

Q: What factors should be considered by the contractor who is deciding whether to rent or buy…

A: Being a contractor, the requirement of construction equipment is necessary on every site. If a…

Q: Visit a local contractor and determine the proportion ofcontracts that are negotiated against those…

A: The local contractor has about 75% of contract that are negotiated against those that are…

Q: Is the Insurance coverage an important contractual responsibility of the contractor?

A: Contractual insurance protects against accidents that the policyholder has expected from entering…

Q: Why is the contractor normally required to submit a bidbond when making a proposal to an owner on a…

A: A bid bond is indeed a form of building bond which, in such a building bidding phase, covers the…

Q: What is the role of a gateway person in contract administration?

A: The role of gateway person in contract administration are:

Q: List three general reasons why actual costs may exceed estimated costs on a lump-sum contract.

A: The general reasons due to which the actual costs may exceed estimated costs on a lump-sum contract…

Q: What is the Contractor Participation in Value Engineering?

A: - Value Engineering is a type of engineering method in which optimum value for both initial…

Q: Is it permissible for the owner’s representative to issue instructions or orders to a subcontractor…

A: Stopping work orders can be given when inspectors or an owner's representative consider workers…

Q: ,How can a Project Manager incur the considerable risk of loss tothe parent organization?

A: A project manager is a person, who has the entire project responsibility from the successful…

Q: What are the obligations of the contractor?

A: In the construction project various roles are performed by the contractor. The contractor is the…

Q: How can the differences between the parties affect contract cost or time required to complete the…

A: Several differences can occur between parties in an ongoing project that may lead to disputes and…

Q: What is the “contractor’s risk,” and how does it relate to the type of construction contract to be…

A: Contractor's Risk : when the term is used in association with a construction project, is the…

Q: What are the advantages and disadvantages to the contractor of renting rather than buying equipment?

A: Renting equipment increases the cost activity in the project if the quantum of work performed using…

Q: If you are the contractor bidding for a project, is owning heavy construction equipment advantageous…

A: There are various factors need to be considered in deciding between to buy or rent. The detailed…

Q: Why is the Insurance coverage an important contractual responsibility of the contractor?

A: Insurance is very important in case of contract.

Q: What we can do if the consultant reject part form the work carried out by the contractor?

A: First of all do ensure that the consultant reject part form the work carried out by the contractor…

Q: Why are there instances where two or more contractors form themselves into joint venture agreement…

A:

Q: In a construction contract, list the effects of achieving substantial completion upon the contract…

A: A construction contract includes general and special terms of agreement, details of construction…

Q: What are the rules under which a contractor must rightfully operate?

A: A contractor is a person or a firm that performs work on a contract basis. A contractor undertakes a…

Q: What personal and technical abilities are the most important for the engineer who is engaging in the…

A: The engineer should have following personal and technical abilities.

Q: Is the final amount paid to a contractor under a unitprice contract limited by the quantities of…

A: Let's understand first what is unit price method: In a unit value contract, the complete agreement…

Q: Are the quantities of supplies or work stated in the original Bid Schedule used to determine the…

A: The explanation of the quantities of supplies or work stated in the original Bid Schedule used to…

Q: What is the effect of “beneficial use” on the foregoing list of contract requirement?

A: There are several effects of “beneficial use” on the foregoing list of contract some of them are…

Q: What are the partnering benefits in construction management/

A: Project Collaboration/Partnering is a long-term collaborative management strategy in which two or…

Q: The most important stakeholder in the project is: O a. contractors Ob. Sponsors, or clients O c. The…

A: Stakeholder of a project are those who are affected by the project.

Q: Question 8 What is the contract delivery method called where the prime consultant is responsible to…

A: Brief concept introduction- Project delivery system- It is a system that gives permission to an…

Q: What type of risks are reserved to the contractor?

A: Construction projects are subjected to various internal and external risks as a result of its…

Q: What is one of the most common causes of contractor claims?

A: There square measure several quite conflicts occur in construction industry between the parties that…

Q: Must a contractor accept and perform all the work involvedin each contract change order? Is there a…

A: Contractor accept and perform all the work involved in each contract change order; A contractor,…

Q: Why is it important to understand how to choose the correct type of consruction contract to issue?

A: Answer:- Construction contract:- It is a mutual or legally binding agreement between two parties…

Q: . Name one set of circumstances where it is permissible in public contract to specify a sole source…

A: In a public work contract, the engineer or the architect capabilities to specialize only one brand…

Q: What risks can occur when operating with external contractors

A: A contractor in the construction industry is a person or company that has a contract to do work or…

Q: What are the rights of all the parties in construction operations?

A: The construction of huge projects requires expertise from every field. It involves collaboration of…

Q: What type of bond guarantees that if a contractor goesbankrupt on a project the surety will pay the…

A: Payment bond guarantees that if a contractor goes bankrupt on a project the surety will pay the…

Q: What are the disadvantages of the written contracts?

A: Written contract: A written contract could be a written agreement between 2 parties, one a borrower…

Q: What is the procedure of the punch list obligations followed by the contractor?

A: Procedure of the punch list obligation followed by the contractor is very simple and it is mention…

Q: What are the rules under which the Contractor must operate to avoid risks?

A: RISK-Risk in risk management is defined as a tool which will help in planning, monitoring and…

Q: Describe the concept of a design-build contract?

A: The project delivery system is a process which is used to assign the responsibilities of the…

Types of Contracts

A verbal or written agreement between a person and a firm, for undertaking construction, material supply, maintenance, and repair work which is enforceable by law is termed as a contract. The person who undertakes the contract for execution of the work is termed as a contractor. The contracts are classified into different types depending on the nature of the contract.