Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Construction Project Management > Contract Strategy and Building Contract > Flashcards

Contract Strategy and Building Contract Flashcards

1
Q

means selecting organizational and contractual
policies required for the execution of a specific
project.

A

Contract Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

an agreement made between two or
more parties which is enforceable by law
to provide something in return for
something else from a second party”

A

Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Elements that must be present before an agreement becomes a contract

A 
- Competent Parties:
• - Proper Subject Matter:
Consideration:
Agreement: 
 Proper Form: 
 - Consent of the Parties:
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

defines the extent or the area that the

contract covers.

A

Project Scope (performance):

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Project Objectives (PRIMARY)

A
  • Project Scope
  • Time
  • Price
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

translates what project
parties are involved in the project and how they
interact with each other

A

project delivery method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

• is the most common approach in civil
engineering projects in which the design has to
be completed before construction can start.

A

Traditional Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

owner organization performs both the design

and construction using its in-house labor force.

A

Direct Labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

a single organization is responsible for
performing both design and construction and,
in some cases, providing certain “know-how” for
the project

A

Design-build

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

• similar to the design-build approach but with the
organization being responsible for performing
both design, construction, know-how (if any), and
project financing.

A

Turnkey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

• a business entity is responsible for performing
the design, construction, long-term financing, and
temporary operation of the project

A

Build-Operate Transfer (BOT)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

can take various arrangements and the owner
needs to make a decision regarding the proper
arrangement that suits the project and the
parties involved.

A

Contractual Relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Contract where a single tendered price is given for the
completion of specified work to the satisfaction
of the client by a certain date.

A

Lump Sum Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Contact where the contractor specifies rates against each item including risk contingency.

A

Admeasurement Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Tenderers enter rates against each item of the

estimated quantities of work.

A

Bill of Quantities Contract:

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

separate rates to be quoted for labor, plant, and
materials
The contract price is derived by measuring the
man-hours, plant-hours and the quantities of
materials actually consumed

A

Schedule of Rates Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The contractor is reimbursed for actual cost plus
a special fee for head office overheads and
profit, no special payment for risk
• The contractor must make all his records and
accounts available for inspection by the client or
by some agreed third party.
• Payment may be made monthly in advance.

A

Cost-reimbursable Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

• Cost targets may be introduced into cost-reimbursable
contracts.
• the contractor will be paid a share for any
saving between target and actual cost, while the
fee will be reduced if actual cost exceeds the
target.

A

Target Cost Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

resemble cost-type arrangements
in that they are open ended, because the full
value of the arrangement is not defined at the
time of the award.

A

Time and Material Contracts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

used in an emergency to begin work
immediately when a scope of work has not yet
been completed

A

Time and Material Contracts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The most important document from the legal

point of view

A

Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

They are terms expressing matters basic to the

contract.

A

Conditions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

They are terms expressing matters basic to the

contract.

A

Institute of Civil Engineering (ICE) Conditions of

Contract:

24
Q

These conditions are international versions of the
ICE conditions to which they are closely related

provides a standardized document which is wellknown,
internationally recognized and
accepted, an adequately reflects the interests
of the parties concerned

A

Federation Internationale Des Ingenieure-Conseils

(FIDIC):

25
Q

request for payment or
time extension to which the contractor considers
him/herself entitled.

A

construction claim

26
Q 
- A written additional
information, provision, and
or other document issued by
the Owner prior to the
closing date for the receipt of
Bids
A

ADDENDUM

27
Q 
- The period of time allowed
the Contractor by the Owner
in addition to the
predetermined Contract
Time
A

ADDITIONAL

CONTRACT TIME

28
Q

The increased or decreased
price of the predetermined
Original Contract Price

A

ADJUSTED ORIGINAL

CONTRACT PRICE

29
Q 
- Approved/ approval in
writing, including
subsequent written
confirmation of previous
verbal approval
A

APPROVED/APPROVAL

30
Q
  • Commissioned by the owner
    to make the design and
    prepare the Plans and
    Specifications
A

ARCHITECT

31
Q

The written offer of a
Bidder/Tenderer in the
prescribed form

A

BID/TENDER

32
Q

An individual, partnership,
corporation, association, firm
or joint venture submitting a
bid/tender to the Owner

A

BIDDER/TENDERER

33
Q
  • A period of 24 hours
    extended from midnight
    which includes all days of
    the calendar
A

CALENDAR DAY

34
Q 
- All equipment, facilities,
supplies and other
incidentals required for
execution and completion of
the Works
A

CONSTRUCTION

PLANT

35
Q
  • The duly perfected and
    Approved Contract
    Agreement
A

CONTRACT/CONTRACT

DOCUMENTS

36
Q

The unit prices or lump
sum named in the Notice of
Award to be paid to the
Contractor

A

CONTRACT PRICE

37
Q 
- The period of time allowed
by the owner for the delay
suffered by the contractor
due to causes beyond his
control
A

CONTRACT TIME

EXTENSION

38
Q 
The suspension of the
running of the contract time
upon request by the
contractor at the instance of
the owner due to valid
causes
A

CONTRACT TIME

SUSPENSION

39
Q 
The furnishing of labor,
materials, supplies,
equipment facilities and
other incidentals necessary
for the successful completion
of works
A

CONTRACT WORK/S

40
Q 
- The individual,
partnership, firm,
corporation, company, or
joint ventures, association, or
syndicate whose bid/tender
has been accepted by the
Owner
A

CONTRACTOR

41
Q 
- An agreement by virtue of
which the owner of a credit
transfer his credit and
accessory right to another
who acquires the power to
enforce it to the same extent
as the assignor, duly
approved by the owner
A

DEED OF

ASSIGNMENT

42
Q

All contract and
construction drawing
referred to in the Contract
Documents

A

DRAWINGS/PLAN

43
Q

Is appointed by the owner
to act as its supervisor of the
construction with due notice
to the contractor

A

ENGINEER

44
Q 
Such additional labor,
materials, supplies,
equipment, facilities and
other incidentals
necessary to complete the
Works but not originally
covered or called for in the
Contract
A

EXTRA WORK

45
Q 
An earthquake, flood, cold
burst, cyclone or other
cataclysmic phenomena of
nature beyond the power of
the Contractor to foresee or
to make preparation in
defense thereof
A

FORCE MAJEURE

46
Q
  • A month shall be based on ____________
A

Gregorian Calendar

47
Q 
A written notice from the
owner to the successful
Bidder stating that its
Bid/Tender has been
accepted.
A

NOTICE OF AWARD

OF CONTRACT

48
Q
  • Could be either public or

private person

A

OWNER

49
Q 
The contract price
originally agreed upon by the
Contractor and the owner as
payment for the completion
of the entire Contract Works
predetermined in the
Original Contract
A

ORIGINAL CONTRACT

PRICE

50
Q

The predetermined period
of time within which the
contractor shall complete the
Contract Works

A

ORIGINAL CONTRACT

TIME

51
Q
  • The bond equivalent to 10%
    of the contract price as
    posted by the Contractor
A

PERFORMANCE BOND

52
Q

The permanent structures
to be constructed in
accordance with the
Contract Documents

A

PERMANENT WORKS

53
Q 
- The land and other places
through which the
Permanent Works or
Temporary Works designed
by the owner are to be
executed
A

PROJECT SITE

54
Q 
The difference between
scheduled and actual
accomplishment per
approved PERT/CPM and
approved revisions thereof
usually indicated in
percentage, positive, or
negative.
A

SLIPPAGE

55
Q 
The detailed description of
the works to be executed, the
character and quality of
materials and workmanship
and special responsibility of
the Contractor that are
covered by the Conditions of
the Contract
A

SPECIFICATIONS

56
Q 
The individual,
partnership, firm or
corporation, joint venture,
association having a direct
contract with the Contractor
for furnishing service or
work under the contract duly
approved by the Owner.
A

SUB-CONTRACTOR

57
Q 
Banks or bonding
companies which jointly and
are severally are bounded
with the Contractor’s faithful
performance of the Contract
and the payment of all his
obligations arising
thereunder
A

SURETIES

Construction Project Management (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions