L13 M2

Question 1

Fast and flash tracking is possible with DBB but not alt methods. true/false

Answer 1

false, possible with alt, not DBB

Question 2

Surety bonds: three party agreements where the third party (___) guarantees to a second party (___) the successful performance of the first party (___).

Answer 2

surety company
obligee or owner
principal

Question 3

Bond value typically __% of bid amount

Answer 3

10

Question 4

Payment bonds: if subs/vendors are not payed within __ days, the bond may be called

Answer 4

90

Question 5

Payment bonds: Purpose to ensure that contractors pay their subcontractors and materials suppliers thus avoiding a ‘____’ on the project

Answer 5

worker’s lien

Question 6

A “_____ developer” is a property developer who produces a turnkey project and receives a fixed payment.

Answer 6

fee

Question 7

Which of the following construction contract types is most suitable for construction work that is repetitive in nature and requires that the work involved is extremely well understood and is non-variable?
Cost reimbursable
Fixed price
Unit rate
Stipulated
Lump sum
Guaranteed maximum price
Cost-plus-fee

Answer 7

unit rate

Question 8

Builder’s risk (or contract works) insurance covers…

Answer 8

damage to the building under construction