Can employees sue for worker's comp?
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NO
Which contract document, AIA or ConsensusDOCS can Surety bonds be found?
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Both. ConsensusDOCS includes change orders, includes more info
What is joint and several liability?
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It means each partner may become liable for another partner's obligations
if the other party is unable or unwilling to comply.
What is the sixth step of risk management?
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Monitor and Control Risks
What is a joint venture?
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-An entity formed between 2 or more parties to undertake economic
activity together
-actual contract between the parties who are forming a new entity
-agreement is typically not a prime contract ( it is not between an owner
and a contractor)
,Look at the case studies
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Specifically the Becho one
Who requires bonds?
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-Federal: miller act
-State & Local: "little miller acts"
-Private Sector
--Private Owners
--Lending Institutions
--General Contractors
What is the premium?
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It is a fee the contractor pays to the bonding company (usually 1-2%)
risk management
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, is a "method of managing that concentrates on identifying and controlling
the areas or events that have a potential of causing unwanted change"
(Caver 1985)
Sureties & surety bonds
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-Surety is not insurance; there is no presumption of losses
-Surety is a form of credit; similar to a bank making a loan
-Bond is a guarantee of performance and used by many as a form of
contractor prequalification
Changes Cluase
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-parties agree in advance that one of the parties has the right to revise the
work under defined terms
-changes clause specifies method for: determining amount of additional
compensation and/or extras time due to the contractor for changed/ extra
work
What is an indemnity agreement?
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Give this one a try later!
NO
Which contract document, AIA or ConsensusDOCS can Surety bonds be found?
,Give this one a try later!
Both. ConsensusDOCS includes change orders, includes more info
What is joint and several liability?
Give this one a try later!
It means each partner may become liable for another partner's obligations
if the other party is unable or unwilling to comply.
What is the sixth step of risk management?
Give this one a try later!
Monitor and Control Risks
What is a joint venture?
Give this one a try later!
-An entity formed between 2 or more parties to undertake economic
activity together
-actual contract between the parties who are forming a new entity
-agreement is typically not a prime contract ( it is not between an owner
and a contractor)
,Look at the case studies
Give this one a try later!
Specifically the Becho one
Who requires bonds?
Give this one a try later!
-Federal: miller act
-State & Local: "little miller acts"
-Private Sector
--Private Owners
--Lending Institutions
--General Contractors
What is the premium?
Give this one a try later!
It is a fee the contractor pays to the bonding company (usually 1-2%)
risk management
Give this one a try later!
, is a "method of managing that concentrates on identifying and controlling
the areas or events that have a potential of causing unwanted change"
(Caver 1985)
Sureties & surety bonds
Give this one a try later!
-Surety is not insurance; there is no presumption of losses
-Surety is a form of credit; similar to a bank making a loan
-Bond is a guarantee of performance and used by many as a form of
contractor prequalification
Changes Cluase
Give this one a try later!
-parties agree in advance that one of the parties has the right to revise the
work under defined terms
-changes clause specifies method for: determining amount of additional
compensation and/or extras time due to the contractor for changed/ extra
work
What is an indemnity agreement?
Give this one a try later!
