COSC-353 Exam 2 with all Correct & 100% Verified
Answers |Actual Complete Exam |Already Graded A+
Direct Cost + Indirect Cost= ✔Correct Answer-cost of work
Cost of work+ % of overhead + profit ✔Correct Answer-total cost to owner
the invitation to bid is what? ✔Correct Answer-request for pricing
instructions to bidders are usually found in the ✔Correct Answer-specs
the alternate ✔Correct Answer-is a request for a price substituting one material for another,
for adding to the scope of work, or for deducting from the scope of work
when changes are made to bid documents prior to the bids being submitted ✔Correct
Answer-addendum
a specific sum not related to the scope of the work to be completed, but due if the work is not
completed within the time frame as denoted in the contract ✔Correct Answer-liquidated
damages
the owner is waiving all claims against the contractor and proclaiming satisfaction with the job
at the time of ✔Correct Answer-final payment
to establish the legal responsibilities, obligations, authority, and rights of the parties involved in
the contract ✔Correct Answer-general conditions
special conditions ✔Correct Answer-include additional owner requirements
bid bond ✔Correct Answer-are furbished with the bids and basically guarantee that the
contractor will enter into a contract for the price of the bid
8 steps in the detailed estimate process: ✔Correct Answer-1. categorize work
2. itemize work
3. quantify work
4. price
5. gather sub-bids
6. summarize cost of work
7. mark up
8. propose to owner
Answers |Actual Complete Exam |Already Graded A+
Direct Cost + Indirect Cost= ✔Correct Answer-cost of work
Cost of work+ % of overhead + profit ✔Correct Answer-total cost to owner
the invitation to bid is what? ✔Correct Answer-request for pricing
instructions to bidders are usually found in the ✔Correct Answer-specs
the alternate ✔Correct Answer-is a request for a price substituting one material for another,
for adding to the scope of work, or for deducting from the scope of work
when changes are made to bid documents prior to the bids being submitted ✔Correct
Answer-addendum
a specific sum not related to the scope of the work to be completed, but due if the work is not
completed within the time frame as denoted in the contract ✔Correct Answer-liquidated
damages
the owner is waiving all claims against the contractor and proclaiming satisfaction with the job
at the time of ✔Correct Answer-final payment
to establish the legal responsibilities, obligations, authority, and rights of the parties involved in
the contract ✔Correct Answer-general conditions
special conditions ✔Correct Answer-include additional owner requirements
bid bond ✔Correct Answer-are furbished with the bids and basically guarantee that the
contractor will enter into a contract for the price of the bid
8 steps in the detailed estimate process: ✔Correct Answer-1. categorize work
2. itemize work
3. quantify work
4. price
5. gather sub-bids
6. summarize cost of work
7. mark up
8. propose to owner
