CMGT 3500 Final Study Guide Questions And Answers Rated 100%!!!

Spearin Doctrine - ANS Is a warranty supplied by the owner to the contractor that if the contractor builds according to the plans and specs, a satisfactory product will result. Promissory Estoppel - ANS An agreement or contract exists, based largely on the behavior or actions of the parties involved (implied agreement). Contract Law and Tort Law Difference - ANS Contract Law supports and upholds voluntary duties between parties, agreed to in a contract. Tort Law supports and upholds duties imposed by law between parties and is not dependent on any contract between them. Elements of a Contract - ANS Offer & Acceptance, Meetings of the Minds, Consideration, Lawful Subject Matter, and Competent Parties. Contract Delivery Methods - ANS Traditional Design-Bid-Build (DBB), Traditional DBB with early procurement, Traditional DBB with Construction Manager, Traditional DBB with early procurement and CM, DBB + CM @ Risk, Design-Build or EPC, Turnkey, and Fast Track What is a Contract/Lowest Responsive Responsible Bidder meaning - ANS The Bidder who fully complied with all of the bid requirements and whose past performance, reputation, and financial capability is deemed acceptable, and who has offered the most advantageous pricing or cost-benefit, based on the criteria stipulated in the bid documents. Basic premise of Contract Law - ANS Party must honor contract or respond in damages, parties presumed to know content of contracts, contracts upheld as written. AIA - ANS American Institute of Architects AGC - ANS Associated General Contractors of America IFB - ANS Invitation For Bidder Three Project Award Methods - ANS Competitive bidding, Negotiation, and Direct Assignment Elements of the Bid - ANS Advertisement, Invitation to Bid, and Instructions to Bidders Three reasons for owner to issue addenda to bid documents - ANS Correction of errors or discrepancies in specs. Errors in drawings are corrected through an updated revision of the drawings. All revisions should be conveyed to all bidders uniformly. Making owner-initiated changes. Furnishing clarifications in response to questions raised by bidders. Same answers should be given to all bidders. Additions, deletions, or modification of products to include "or equal." Changing previously stated requirements including due date, period of validity of bids, or other important conditions. Three advantages to Competitive Bidding - ANS Provides clear idea of total construction cost. Fair to all contractors. Allows for competition and innovation to reduce price. Gives chance for new contractors with limited past experience. Shifts risk from owner to contractor. General Conditions/ General Requirement typical project cost (Direct/Indirect) - ANS General Conditions typically refer to indirect / overhead expenses associated with the project. Play a critical role in cost estimation. General Requirements is crucial for cost estimation. Provides information needed to determine pricing (labor, equipment,other) Direct cost Following honest errors, list three conditions that must be met for bid withdrawal - ANS Following "Honest errors" by the bidder, he can withdraw his bid upon owner's approval. For this condition to apply, 3 conditions have to be fulfilled: Mistake is considerable and of sufficient magnitude. Mistake is not result of negligence or inexperience. Owner does not suffer from withdrawal. List/ Explain the typical 4 types of Specifications - ANS Method System: Descriptive or Design Specifications Results System: Performance or Output Specifications Reference Specs: Refer to Established Standards Proprietary Specs: Closed Specs, Specifying Exact Type and Model Prescriptive Specifications include method/ design and performance specs, explain/ describe both method and performance specs - ANS Performance Specification: The result or performance of the finished product (rather than specific methods and materials used to construct) are specified. DESIGN: Specifier describes in detail the method, material, dimensions, workmanship, and erection or installation procedures. Describe Reference Specifications - ANS Refers to a standard established for material, test method, workmanship, or installation procedure. Standards can follow either design or performance specs. Contractor is responsible for acquiring a copy of the referenced standard specs, and following its instructions. CSI - ANS Construction Specifications Institute ASTM - ANS American Society for Testing and Materials AASHTO - ANS American Association of State Highway and Transformation Officials 3 parties to a Surety Agreement - ANS Owner is the obligee. Contractor is the principal. Surety is the guarantor. 3 C's of a surety Investigation - ANS Character Capacity Capital Construction Bond Types - ANS Bid Bond Performance Bond Payment Bond Warranty Bond Three types of Alternative Dispute Resolution - ANS Arbitration Mediation Early Neutral Evaluation (ENE) Dispute Review Boards (DRB) Defenses against Liquidated Damages - ANS Proving the Project is Substantially Complete Excusable or Compensable Delays Concurrent Delays List the 4 types of delays associated with liquidated damages - ANS Excusable Delays Compensable Delays Non-Excusable/ Non-Compensable Delays Concurrent Delays