Science Engineering Civil Engineering
AFSB 152 Flash Cards
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Students also studied
AFSB 153 - Practice Exam CPCU 530 - Practice Quiz 2 CPCU 540 Practice Questions AFSB 15
230 terms 83 terms 142 terms 50 terms
mal_whaley Preview mal_whaley Preview mal_whaley Preview jona
What are the common reasons why contractors fail? 1. Project-Size Increase
2. Geographic Unfamiliarity
3. New Types or Sectors of Construction
4. Key-Personnel Replacement
5. Managerial Immaturity
What is the benefit to Project Owners for having contract -provides assurance that the contractor will be able to enter in a contract and be
bonds? able to post performance and payment bonds
-financial assurance
-additional security that the contractor satisfied surety's review
-indirect benefit of lower price
What is the benefit to Contractors having contract -reduces likelihood of contractor failure
bonds? -enhance competitive position in private work
- Successful contractors almost always required to post performance and
payments
What is the benefit to other parties' having contract Receive financial assurance via the payment bond that they will receive payment
bonds? for their services on a bonded project
What are the main categories of general building - General
construction? - Industrial
- Residential
- Public Work
Factors of design/build contractors? - Prominent in large private sector commercial and industrial construction
- Assumes greater responsibility than traditional contractors
Factors of Material Suppliers? - A manufacturer or distributor that sells materials and equipment
- Supplies and equipment include concrete, sand and gravel, lumber, steel,
masonry, HVAC equipment
, Factors of Subcontractor? - May preform plumbing and piping, heating, ventilating, and air conditioning, or
electrical work but general contract is in charge of entire project
- fall to the mercy of GCs
Factors of Heavy and Highway Construction - make large expenditures on construction equipment
Contractors? - A type of construction used for highways, bridges, dams, roads, railroad beds,
and similar projects
- The reconstruction, repair, and maintenance of a highway system is large
undertaking involving may contractors
Factors of General Engineering Contractors? - A contractor that constructs locks and dams, power plants, large bridges,
sewage and water treatment plants, or similar projects for public and private
owners
Factors of General Building Contractors? - An independent contractor who obtains the primary contract for a project and
either completed all the work or subcontracts portions (or all) of the work to
other independent contractors who specialize in such work
What is a sole proprietorship? A form of business in which one person owns the business assets and is
personally liable for the business debts
What is a disadvantage of a sole proprietorship there is unlimited personal liability for its conduct
What is a partnership? A for-profit business entity jointly owned by two or more persons who share
ownership and profits (or losses), although not necessarily on an equal basis.
- there are two types a general partnership and a joint partnerhsip
What is a corporation? - there are sun chapter c and sub chapter S
- An entity organized under law and entitled to the same rights as a person,
distinct from its owners.
What is an LLC ? A form of business entity that provides its owners the limited liability of a
corporation and the tax advantages of a partnership.
What is a joint venture? A business association formed by an express or implied agreement of two or
more persons (including corporations) to accomplish a particular project, such as
the construction of a building.
what are they types of joint ventures? -Open Joint Venture
-Silent Joint Venture
-Limited Joint Venture
What is a fixed price contract? An agreement that specifies the amount the contractor will receive for performing
and completing the contract.
most commonly used
What is a unit price contract? -An agreement that divides a contract into various quantities of work categories
for the contractor to perform.
-best suited for Projects involving roads, highways, bridges, sewer and water line
installations, and excavation contracts
- usually a fixed renegotiation period
AFSB 152 Flash Cards
Save
Students also studied
AFSB 153 - Practice Exam CPCU 530 - Practice Quiz 2 CPCU 540 Practice Questions AFSB 15
230 terms 83 terms 142 terms 50 terms
mal_whaley Preview mal_whaley Preview mal_whaley Preview jona
What are the common reasons why contractors fail? 1. Project-Size Increase
2. Geographic Unfamiliarity
3. New Types or Sectors of Construction
4. Key-Personnel Replacement
5. Managerial Immaturity
What is the benefit to Project Owners for having contract -provides assurance that the contractor will be able to enter in a contract and be
bonds? able to post performance and payment bonds
-financial assurance
-additional security that the contractor satisfied surety's review
-indirect benefit of lower price
What is the benefit to Contractors having contract -reduces likelihood of contractor failure
bonds? -enhance competitive position in private work
- Successful contractors almost always required to post performance and
payments
What is the benefit to other parties' having contract Receive financial assurance via the payment bond that they will receive payment
bonds? for their services on a bonded project
What are the main categories of general building - General
construction? - Industrial
- Residential
- Public Work
Factors of design/build contractors? - Prominent in large private sector commercial and industrial construction
- Assumes greater responsibility than traditional contractors
Factors of Material Suppliers? - A manufacturer or distributor that sells materials and equipment
- Supplies and equipment include concrete, sand and gravel, lumber, steel,
masonry, HVAC equipment
, Factors of Subcontractor? - May preform plumbing and piping, heating, ventilating, and air conditioning, or
electrical work but general contract is in charge of entire project
- fall to the mercy of GCs
Factors of Heavy and Highway Construction - make large expenditures on construction equipment
Contractors? - A type of construction used for highways, bridges, dams, roads, railroad beds,
and similar projects
- The reconstruction, repair, and maintenance of a highway system is large
undertaking involving may contractors
Factors of General Engineering Contractors? - A contractor that constructs locks and dams, power plants, large bridges,
sewage and water treatment plants, or similar projects for public and private
owners
Factors of General Building Contractors? - An independent contractor who obtains the primary contract for a project and
either completed all the work or subcontracts portions (or all) of the work to
other independent contractors who specialize in such work
What is a sole proprietorship? A form of business in which one person owns the business assets and is
personally liable for the business debts
What is a disadvantage of a sole proprietorship there is unlimited personal liability for its conduct
What is a partnership? A for-profit business entity jointly owned by two or more persons who share
ownership and profits (or losses), although not necessarily on an equal basis.
- there are two types a general partnership and a joint partnerhsip
What is a corporation? - there are sun chapter c and sub chapter S
- An entity organized under law and entitled to the same rights as a person,
distinct from its owners.
What is an LLC ? A form of business entity that provides its owners the limited liability of a
corporation and the tax advantages of a partnership.
What is a joint venture? A business association formed by an express or implied agreement of two or
more persons (including corporations) to accomplish a particular project, such as
the construction of a building.
what are they types of joint ventures? -Open Joint Venture
-Silent Joint Venture
-Limited Joint Venture
What is a fixed price contract? An agreement that specifies the amount the contractor will receive for performing
and completing the contract.
most commonly used
What is a unit price contract? -An agreement that divides a contract into various quantities of work categories
for the contractor to perform.
-best suited for Projects involving roads, highways, bridges, sewer and water line
installations, and excavation contracts
- usually a fixed renegotiation period
