Ballast - Chp03_Delivery of Services Flashcards Preview

ARE 5.0 _Div 01_Practice Management > Ballast - Chp03_Delivery of Services > Flashcards

Flashcards in Ballast - Chp03_Delivery of Services Deck (9)
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1
Q

PROJECT DELIVERY

A

Describes the entire sequence of events that is needed to provide an owner with a completed building

2
Q

CONTROL ESTIMATE

A

is the sum of the CM’s estimate of the cost of work plus the CM’s fee

3
Q

DESIGN-ASSIST CONTRACTING

A

Method in which specialty subcontractors or trades are included early in the design and construction document phases to help with the development of complex or unique portions of the building.

4
Q

PRACTICE METHODOLOGIES

A

Are the various approaches that an architectural firm may use to complete various aspects of a project, including design, documentation, and coordination.

5
Q

FIXED-PRICE METHOD (STIPULATED SUM/LUMP SUM)

A

Contractor gives the owner a set price for completing the project. Owner is not responsible for cost over-runs. However, Owner does not share in any savings.

6
Q

COST-PLUS-FEE Method w/ a GMP (Guaranteed Maximum Price)

A

Owner pays actual cost of construction (direct plus indirect costs) + a Fee that is agreed on before construction begins, and the CM guarantees a Maximum Price. If project is completed for less than this amount the client receives the cost saving.

7
Q

MULTI-PARTY AGREEMENT

A

is a single agreement executed by the owner, architect, contractor, and other key project participants for the design, construction, and commissioning of a project

8
Q

TRANSITIONAL FORMS

A

Are modeled after existing CM Agreements

9
Q

SINGLE PURPOSE ENTITY (SPE)

A

is an independent limited liability company (LLC) newly created for the sole purpose of planning, designing, and constructing a particular project.