Chapter 7 Flashcards
Bidding and Estimating (13 cards)
What is issued if changes are made to a bid package before it is due?
Addendum
What is it called when the general contractor approaches subcontractors other than those who have submitted bids to seek a lower offer than what was quoted in original bids? In this situation, the general contractor reveals the original bids submitted and tries to reduce the price.
Bid Shopping
What is it called when the subcontractor approaches the general contractor after the project is awarded with the intent of lowering the original price submitted on bid day?
Bid Peddling
What is a form of collusion where contractors coordinate their bids to fix the award outcome of a project?
Bid Rigging
What method of estimating individually estimates units of materials and labor for each task listed in the estimating framework?
Quantity Take-Off Method
Medicare and social security, insurances, and workers’ compensation are all examples of what?
Labor Burdens
How much (approximately) does labor burdens add to your labor cost?
30%
Equipment needed to complete a job is figured as a _______________ of the project and should be added to your estimate.
Direct Cost
Small tools and pickup trucks are considered an _______________ and not part of project equipment.
Indirect Cost
What costs are items that are necessary to complete the project but are not directly associated with labor and materials?
Project Overhead
Bonds, temporary storage, temporary office, security guard, utilities, dumpsters, and portable toilets are all examples of what?
Project Overhead Costs
Office rent, accounting fees, taxes, telephone, legal fees, and administrative labor are the costs of doing business and are all examples of what?
Company Overhead Costs
What is the standard industry markup?
15%
