Construction Management, 5th Edition
5th Edition
ISBN: 9781119425731
Author: Daniel W. Halpin
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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What is the purpose of the notice to bidders?
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bond by the client. Discuss reasons for the requirement.
insurance/performance
Is 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?
Chapter 3 Solutions
Construction Management, 5th Edition
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Similar questions
- What is the difference in between of bid bond and face value in bidding process ? (or in real Construction project )arrow_forwardExplain difference between “Escalation and Liquidated Damages”. Write how site conditions affecting tender price.arrow_forwardTrue or False? One option for competitive bidding is a lump sum proposal; one option for negotiated bidding is a cost + fee+ GMP proposal.arrow_forward
- 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)?arrow_forwardTrue or false? Within those jurisdictions where public contracts are subject to “Fair Subcontracting Laws” to prevent bid shopping, each bidder is required to list its subcontractors as a part of its bid.arrow_forwardwhen doing a Bill of Quantity (BQ) for a tendering should all the cost of the items be included in the BQ. (I want to understand how the bill of quantity works in the tendering/ bidding process, and how it should look.arrow_forward
- Why do some contractors include “bid clarifications” with their bid even when they risk having their bid rejected by doing this?arrow_forward6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.arrow_forwardT or F The Owner's level of risk, as well as their level of control, is highest on a Design-Bid-Build (Separate contracts) project. T or F Both Fixed Price and Cost Reimbursement contracts may be issued with Incentive clauses T or F Cost Reimbursement contracts are favored over Fixed Price contracts when the scope is indeterminate, the risk is high and/or availability of resources is uncertain T or F Design-Build is known as “Traditional" contracting T or F Privately financed contracts account for 70 – 80% of total construction volume.arrow_forward
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