Quiz Flashcards
When is contract legally binding
- Offer an invitation
- Identity of Intention
- Intention to create legal relationship
- Consideration
- Acceptance
What is BQ?
- Tendered sum of indicated items priced in the bill, includes prime cost, lump sum, provisional sum.
How is BQ paid ?
Contractor paid by actual measured quantities of work by unit rates
What is Lump Sum contract?
Contractor offers to carry whole work in in lump sum & responsible for cost incurred
When should a lump sum be used?
Defined work scope and details at tender stage, small risk, low site variations
3 philosophies of ADR?
1) Win-win approach
2) Integrative Approach
3) Compliance with social norms
What is a traditional contract?
Owner engage architect to administer the proj.
The architect prepares sufficient detail for contractor to submit tender
Uses standard form of contract
Activities in a contracting phase?
1) Pre-solicitation
2) Solicitation
3) Bid Evaluation & Award phase
4) Post Awards & Administration Phase
What is varation order?
- altered contract due to design changes. Power to owner for VO.
Activities in Contract Management Framework
1) Establish governance & contract management team
2) Planning, procurement
3) Managing relationships
Small value purchase?
Items of goods or purchases which less than a certain amt in form of quotation to pay the quantities
Big value purchase?
A large sum of money where overall work cannot put in the form of quotation
