CEFP Planning, Design and Construction Questions and Answers

CEFP Planning, Design and Construction Building Information Modeling (BIM) - Answer- "Enables project participants to access various digital models throughout the design process without having to wait for paper drawings to be produced and delivered." [Special Topics, Building Information Modeling] Lump Sum Fee - Answer- "Is a fixed-price agreement, broken down into phases: preliminary, design development, construction documents, and construction administration. This is generally calculated from an estimate by the designer for the amount of work (hours) necessary by task." [Special Topics, In-House Design/Construction Services] Fixed Percentage of Cost Fee - Answer- "Used on larger projects of known scope and budget. It is also often used as a comparator between different consultants." [Special Topics, In-House Design/Construction Services] Time and Materials Fee - Answer- "Used for projects of unknown scope. The fees are directly charged based on the hourly rates and the number of hours required to perform a task." [Special Topics, In-House Design/Construction Services] Letter of Intent (LOI) - Answer- "Defines the general terms and conditions of a transaction and provides the basis for the drafting of a subsequent agreement." [Special Topics, Real Estate] Ground Lease - Answer- "A lease of extended duration that is frequently structured to allow the construction of improvements by the lessee on an institution's land." [Special Topics, Real Estate] Easement - Answer- "Also known as deeded rights-of-way, involving the long-term or permanent conveyance between parties of certain rights, privileges, and interests in property." [Special Topics, Real Estate] Repair - Answer- "Reconstruction or renewal of any part of an existing building for the purpose of maintaining it." [Special Topics, Renovations]