2
EXAC Section 4 Exam with accurate detailed solutions || || || || || || ||
Bond
- A financial security that represents a promise to repay a fixed amount of funds
|| || || || || || || || || || || || || ||
- Financial security for the performance of an obligation; usually a written document
|| || || || || || || || || || || || ||
supported by a pledge of collateral. || || || || ||
Surety
The party (company) that issues a bond which guarantees the performance of the person
|| || || || || || || || || || || || || ||
bonded (in construction, the contractor) to fulfill obligations under contract within the
|| || || || || || || || || || || ||
financial and time limitations stated in the bond. || || || || || || ||
Warranty (warranty against the quality) || || || ||
A statement of fact or quality intended to be relied upon by another party, carrying with it
|| || || || || || || || || || || || || || || || ||
an implied or express promise to make good any breach
|| || || || || || || || ||
Certificate of Substantial Performance || || ||
A certificate issued under the appropriate lien legislation attesting that the contract between
|| || || || || || || || || || || ||
the owner and the contractor is substantially complete.
|| || || || || || || ||
Holdback
"A percentage of the monetary amount payable under a (construction) contract, which is
|| || || || || || || || || || || || ||
held back as security for a certain period of time. The percentage and period of time are
|| || || || || || || || || || || || || || || || ||
based on the provincial lien legislation." || || || || ||
Lien
- legal claim on real property to satisfy a debt owed to the lien claimant by the property
|| || || || || || || || || || || || || || || || || ||
owner. This claim can carry the right to sell the property upon default.
|| || || || || || || || || || || ||
- a right to keep possession of property belonging to another person until a debt owed by
|| || || || || || || || || || || || || || || || ||
that person is discharged. || || ||
Shop Drawings ||
A drawing, prepared on behalf of the contractor to indicate precise details of the
|| || || || || || || || || || || || || ||
construction materials, for fabrication, production or installation. || || || || || ||
Shop Drawing Review || ||
, 2
First, Gen. Contractor reviews shop drawings. Second, architect and consultant review (snd
|| || || || || || || || || || || ||
approved construction dwgs prior to fabrication). Lastly, shop drawings are returned to
|| || || || || || || || || || || ||
contractor for use, use w/ change, or resubmission. || || || || || || ||
General Review/ Field Review || || ||
"Review during visits to the Project site (at intervals appropriate to the stage of the
|| || || || || || || || || || || || || || ||
construction)" ... "to determine that the Work is in general conformity with the construction
|| || || || || || || || || || || || ||
documents."
||
Project Management ||
"The process of planning, scheduling, directing, organizing and controlling all resources
|| || || || || || || || || || ||
(financial, physical and human) from the start to the completion of the project goals and
|| || || || || || || || || || || || || || ||
objectives." In many projects, the owner is, by default, the Project Manager (PM)."
|| || || || || || || || || || || ||
Construction Management ||
- Construction manager (CM) may take on the roles and responsibilities of an advisor, an
|| || || || || || || || || || || || || || ||
agent or a constructor. The CM is most frequently confined to:
|| || || || || || || || || ||
- Advising on, or preparing schedules, budgets, material selection and detailing, during the
|| || || || || || || || || || || || ||
design phase ||
- Advising on and arranging for all services and trade and supervising the activities of all
|| || || || || || || || || || || || || || || ||
trade contractors ||
Design-Bid-Build
CCDC 2 ‐ Stipulated Price Contract
|| || || || ||
CCDC 3 ‐ Cost Plus Contract || || || || ||
CCDC 4 ‐ Unit Price Contract || || || || ||
- Involves three parties: Owner, Consultant and Contractor
|| || || || || || ||
- Not always best value to customer as costs are generally higher
|| || || || || || || || || || ||
The owner contracts two separate agreements:
|| || || || ||
- The Consultants design and prepare construction documents, based on a predetermined
|| || || || || || || || || || || ||
budget.
- After bidding and negotiation, the job is awarded to the successful bidder as a fixed price
|| || || || || || || || || || || || || || || || ||
contract.
- The Contractor builds the project with the Consultants providing construction
|| || || || || || || || || || ||
administration and representing the owner. || || || ||
EXAC Section 4 Exam with accurate detailed solutions || || || || || || ||
Bond
- A financial security that represents a promise to repay a fixed amount of funds
|| || || || || || || || || || || || || ||
- Financial security for the performance of an obligation; usually a written document
|| || || || || || || || || || || || ||
supported by a pledge of collateral. || || || || ||
Surety
The party (company) that issues a bond which guarantees the performance of the person
|| || || || || || || || || || || || || ||
bonded (in construction, the contractor) to fulfill obligations under contract within the
|| || || || || || || || || || || ||
financial and time limitations stated in the bond. || || || || || || ||
Warranty (warranty against the quality) || || || ||
A statement of fact or quality intended to be relied upon by another party, carrying with it
|| || || || || || || || || || || || || || || || ||
an implied or express promise to make good any breach
|| || || || || || || || ||
Certificate of Substantial Performance || || ||
A certificate issued under the appropriate lien legislation attesting that the contract between
|| || || || || || || || || || || ||
the owner and the contractor is substantially complete.
|| || || || || || || ||
Holdback
"A percentage of the monetary amount payable under a (construction) contract, which is
|| || || || || || || || || || || || ||
held back as security for a certain period of time. The percentage and period of time are
|| || || || || || || || || || || || || || || || ||
based on the provincial lien legislation." || || || || ||
Lien
- legal claim on real property to satisfy a debt owed to the lien claimant by the property
|| || || || || || || || || || || || || || || || || ||
owner. This claim can carry the right to sell the property upon default.
|| || || || || || || || || || || ||
- a right to keep possession of property belonging to another person until a debt owed by
|| || || || || || || || || || || || || || || || ||
that person is discharged. || || ||
Shop Drawings ||
A drawing, prepared on behalf of the contractor to indicate precise details of the
|| || || || || || || || || || || || || ||
construction materials, for fabrication, production or installation. || || || || || ||
Shop Drawing Review || ||
, 2
First, Gen. Contractor reviews shop drawings. Second, architect and consultant review (snd
|| || || || || || || || || || || ||
approved construction dwgs prior to fabrication). Lastly, shop drawings are returned to
|| || || || || || || || || || || ||
contractor for use, use w/ change, or resubmission. || || || || || || ||
General Review/ Field Review || || ||
"Review during visits to the Project site (at intervals appropriate to the stage of the
|| || || || || || || || || || || || || || ||
construction)" ... "to determine that the Work is in general conformity with the construction
|| || || || || || || || || || || || ||
documents."
||
Project Management ||
"The process of planning, scheduling, directing, organizing and controlling all resources
|| || || || || || || || || || ||
(financial, physical and human) from the start to the completion of the project goals and
|| || || || || || || || || || || || || || ||
objectives." In many projects, the owner is, by default, the Project Manager (PM)."
|| || || || || || || || || || || ||
Construction Management ||
- Construction manager (CM) may take on the roles and responsibilities of an advisor, an
|| || || || || || || || || || || || || || ||
agent or a constructor. The CM is most frequently confined to:
|| || || || || || || || || ||
- Advising on, or preparing schedules, budgets, material selection and detailing, during the
|| || || || || || || || || || || || ||
design phase ||
- Advising on and arranging for all services and trade and supervising the activities of all
|| || || || || || || || || || || || || || || ||
trade contractors ||
Design-Bid-Build
CCDC 2 ‐ Stipulated Price Contract
|| || || || ||
CCDC 3 ‐ Cost Plus Contract || || || || ||
CCDC 4 ‐ Unit Price Contract || || || || ||
- Involves three parties: Owner, Consultant and Contractor
|| || || || || || ||
- Not always best value to customer as costs are generally higher
|| || || || || || || || || || ||
The owner contracts two separate agreements:
|| || || || ||
- The Consultants design and prepare construction documents, based on a predetermined
|| || || || || || || || || || || ||
budget.
- After bidding and negotiation, the job is awarded to the successful bidder as a fixed price
|| || || || || || || || || || || || || || || || ||
contract.
- The Contractor builds the project with the Consultants providing construction
|| || || || || || || || || || ||
administration and representing the owner. || || || ||
