What are unit price contracts?
Q: Who is the Employers Agent?
A: Employer's agent is defined as the term which is used for the description of the agent who is…
Q: Provide a technical justification for the following: i. Formula for price adjustment (escalation)…
A: Price adjustments on account of increases or decreases in the costs of products and services in…
Q: What are Bidders Prequalifications?
A: - The motive of prequalification process is to examine a contractor and to determine its…
Q: What are construction progress payments?
A: Construction progress payment. The construction progress payment is the payments that are done based…
Q: What are the five principles of contract administration?
A: Six priciples of contract management:
Q: Give the guidelines in case you suspect the existence of a serious imbalance in the lowest bidder's…
A: Guidelines in case you suspect the existence of a serious imbalance in the lowest bidder's…
Q: What is the competitive bidding process?
A: The competitive bidding process as follows: Request for proposal: The organization seeking…
Q: What is the lump sum?
A: the lump sum amount is 23120.07/-
Q: Describe the management and Turnkey Contracts?
A: A Turnkey Contract is one under which the contractor is responsible for both the design and…
Q: What are performance and payment bonds?
A: A performance bond seems to be a guarantee bond provided by a lending firm or bank to ensure a…
Q: What is a payless notice?
A: Pay Less Notice is defined as the notice which is written in order to notify the Payee from the…
Q: What is the difference between the Public contracts and the Private contracts?
A: Public contract is a contract to undertake a specific task which is financed by government funds to…
Q: . Is the contract lump-sum, unit-price, or cost-plus-fixed-fee?
A: The lump sum contract is the most common type of an owner-contractor agreement, and is fairly easy…
Q: How does the contract administration use the work flow?
A: Contract administration could be defined as a multi-stage process that goes on through the entire…
Q: What is the final progress payment?a
A: The progress payment refers to the payment of the work based on the percentage completion. In most…
Q: What are the performance bonds?
A: Performance bond:
Q: What are the benefits of open shop contracting?
A: Open shop contracting is a type of agreement that may have a union, but it has freedom to hire both…
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 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: Define direct operating costs?
A: Introduction : Direct operating costs : All eligible expenditures required to operate and maintain a…
Q: How are partial payments made to the contractors?
A: In any construction project, the total amount to be paid to the contractor is not made in one…
Q: Why does the contractor not want to make a commitment to unit -price amounts?
A: In Unit price amount contract, it is a commitment by the contractor to fix the rates of each and…
Q: What makes a contract?
A: Contract is a legally bound agreement between two parties.
Q: Define the term Time between bid opening and award of contract?
A: Time between the bid opening: Bid Opening indicates the date and time at which all the submitted…
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: 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: How can the measurement for payment be done?
A: The unit of measurement applicable for which payment will be made for facilities of the water system…
Q: What is the derivation of the costing of a new item of work not included in the original contract?
A: When there is a new item which is not included in the original contract then the following steps are…
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 is the purpose of a price allocation form?
A: The price allocation form is a start to finish list of work item on a project that represent the…
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 are some of the examples of fixed-price incentive contracts?
A: Fixed-price incentive contracts are fixed-price contracts but with the incentive given for finish…
Q: What is the procedure of Contract Submittals?
A: The contract submittals are the documents that serve as contractor’s proof of complying with 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: 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: How are the field cost indexes derived?
A: Field Cost indices in construction : Most of the information used to compile construction price…
Q: How can the unit price projects be created?
A: The job to ever be done is divided into separate sections of a unit price arrangement, typically…
Q: What are the most commonly used cost estimating methods for software?
A: Cost estimation Cost estimation means estimating the cost values of various items involved in any…
Q: What are Stage Payments?
A: A stage payment is also called a schedule of payments, it is a list of dates setting out when…
Q: What is the Bargaining strategy?
A: - Bargaining is the method of negotiating a price of product so that it can be mutually acceptable…
Q: What are Guaranteed Maximum Price Contracts?
A:
Q: What is the Partnering Concept?
A: Concept: The type of business partnering used in engineering, architecture, and the construction…
Q: Who asks the contractor to forward the pricing change orders and why?
A: A change order is a record that explains changes in the development scope, plan, site conditions, or…
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…
What are unit price contracts?
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