What are performance and payment bonds?

Q: What is lump sum contract?

A: The lump sum contract is the traditional method of contracting in which the contractors are required…

Q: What are Bidders Prequalifications?

A: - The motive of  prequalification process is to examine a contractor and to determine its…

Q: A successful contractor bidding for a project is required to engage an bond by the client. Discuss…

A: Contractor : The legal agreement gives rise to the word contractor. The owner and the builder will…

Q: What are the three major types of construction bonds? Whyare they required? Name three items that…

A: Construction bonds is a surety bond which is signed between developer firm and contractor firm. It…

Q: What are unit price contracts?

A:

Q: When and under what conditions would the option to contract be executed

A: Contract: The term contract is defined as the agreement between the two (or) more parties. The…

Q: When are the unit price contracts used?

A: Introduction to Unit price contract Unit Price method is the kind of contract in which total cost of…

Q: How is Standard Builder's Risk Insurance important?

A: In construction projects, builder's risk insurance is a type of property insurance that covers the…

Q: Define the term fixed-price contracts?

A: A fixed-price contract is also known as a lump-sum contract or a firm-price contract. It establishes…

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: What is Builder's risk insurance?a

A: It is a kind of insurance in Contract.

Q: When do Finance Failure Risks occur?

A: The financial failure risk is the possibility of losing the money invested on a project or any work,…

Q: How are the bidder's errors interpreted?

A: The Bidder's Error are interpreted in following ways : 1. When the the rates of the bidder's…

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

A: Insurance is very important in case of contract.

Q: What type of insurance protects against legal liability to public?

A: Liability insurance offers protection from claims that result from injury and harm to individuals…

Q: On lump-sum contracts, what are the  two methods available toutilize a PC computer in determining…

A: Lump-sum contracts : In lump sum construction contract, contractor fix a single fixed price for all…

Q: What are the performance bonds?

A: Performance bond:

Q: Define the term Instant contract savings?

A: Instant contract saving:

Q: Who provides performance and payment bonds?

A: For several construction projects a payment bond is needed.

Q: What are the Loss and Expense heads of claim?

A: The loss and expense is a claim in the construction contracts which is presented by the contractor…

Q: What is Bidder Prequalification?

A: Bidder Prequalification:

Q: How are A) Risk B) Term Structure and C) Yield Curve related in the mind of a Bond Investor?

A: Brief concept- Bonds- Governments and corporations use bonds to raise funds by borrowing from…

Q: What are the Pre-req of LEED SS credit?

A: Leadership in Energy and Environmental Design (LEED) is a rating system that can to the following…

Q: Describe how computers can help with the first stage in pricing an estimate.

A: Computers are one of the most useful tool in the sorting and listing phase, and even the recap phase…

Q: What is the fixed-price incentive contract?

A: Fixed price incentive contract is a contract in which a fixed percentage on the total target cost or…

Q: Differentiate between the conditional waiver and nonconditional waiver?

A: A construction lien waiver is a legal document that states a party waives future lien rights against…

Q: Define the term long lead purchases?

A: Long lead purchase:

Q: What types of relationships are intended to be established under a Partnering agreement?

A: When a mutually developed formal ideology of communication and accountability planned to increase…

Q: How is the force account used as a payment method?

A: Force account is a method of payment used for additional work if the contractor and the State…

Q: Is the written contract accurate?

A: A written contract is a printed agreement between two parties, one a borrower and one a lender. It…

Q: What are the advantages of Bid Bonds?

A: A bid bond would guarantee the bond owner compensation if the bidder fails to start a project.

Q: What are the typical values of a Performance bonds?

A: A performance bond is also called a contract bond, it is a guaranty bond issued by a bank or an…

Q: Why are monthly reports of Contract Performance important?

A: The report that provides cost of contract and its total schedule and its performance data to…

Q: What are Bid Bonds?

A: A big bond is one of a type of construction bond, which is a guarantee by the bidder or contractor…

Q: What are bid documents?

A: A bid document is defined as an output of the planned procurement management process. It is used…

Q: What is meant by; Defects liability period, liquidates damages, cost planning, bid bond,…

A: 1. Defect liability period: It is a time period or time frame during which it is the responsibility…

Q: Differ between the unit price contract and contract price?

A: The contract which is made upon the basis of estimation of the unit price of materials used in the…

Q: Explain the statement 'submittal of evidence insurance'?

A: The proof of valid insurance with an insurance company which is provided to another individual for…

Q: What is Contractors All Risk Insurance?

A: Contractors all risk insurance is defined as an insurance policy in which all the risks during…

Q: What is the Partnering Concept?

A: Concept: The type of business partnering used in engineering, architecture, and the construction…

Q: What are the computerized progress payments?

A: The part of work that has been completed and the partial payment done for that work up to the point…

Q: payees of the order instrument.

A: An order paper, or order instrument, is a negotiable instrument that is payable to a specified…

Q: Define Risks at Risk management?

A: To define: Risks at Risk Management.

Q: What are the examples of unit price contracts?

A: The estimated quantities of items and unit prices on the hourly rates, rate per unit work volume…

Classification of Legal Structure

The first step for the establishment of any company is to find a suitable legal structure. To determine the appropriate legal structure for a specific company or a venture, professional guidance is necessary for the deep understanding of various structure classifications, long-term targets, and certain choices. The categorization of different business legal structures comprises liability implications, income and taxation considerations for the company owners.