Construction Management
5th Edition
ISBN: 9781119256809
Author: Daniel W. Halpin, Bolivar A. Senior, Gunnar Lucko
Publisher: WILEY
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Question
Chapter 3, Problem 3RQE
To determine
At what period the contractor can withdraw the bid without penalty.
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During what period can a contractor withdraw the bid without penalty?
What means are available to a contractor bidding a unit-price project for recovery of “General Conditions Work” (mobilization, bonds, insurance, cost of permits, and other preconstruction expenses)?
An owner can protect themselves from a failure of the low bid contractor to live up to their bid by obtaining a Bid Bond. Explain?
Chapter 3 Solutions
Construction Management
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Similar questions
- HG Construction has recently won a contract for $1million dollars. Upon being award contract, HG contacts its subcontractors and asks them to lower their initial bid amou unethical action is known as:arrow_forwardIs the final amount paid to a contractor under a unitprice contract limited by the quantities of materials or work shown in the original Bid Schedule?arrow_forwardWhat is the difference in between of bid bond and face value in bidding process ? (or in real Construction project )arrow_forward
- What is a nonresponsive bid?arrow_forwardAre the quantities of supplies or work stated in the original Bid Schedule used to determine the final amount paid to a contractor under a unitprice contract?arrow_forwardLong-term contracts? Multiple Choice increase transaction costs. reduce incentives for specialized investments. can reduce opportunistic behavior. increase transaction costs and increase opportunism.arrow_forward
- Explain why the bid estimates are not always equivalent to the finalcontract amount after the project is completed.arrow_forwardWhat is the method used by the contractor to reduce the bidding price and increase his profit, explain?arrow_forwardWhy is the contractor normally required to submit a bidbond when making a proposal to an owner on a competitivelybid contract?arrow_forward
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