Contracts Final Review

A contract is entered into whereby the design and scope are undefined and the Owner agrees to pay for all direct labor, materials, equipment, plus some agreed upon allowance to the contractor for their services. What is this type of contract called?

Cost-Plus

According to CSI and AIA, which document states the time frame for submitting shop drawings:

General conditions

Which document applies to the contractor and the subcontractors and describes the administrative, procedural and temporary procedures on the job site?

General conditions

What is the name of the clause in a contract that shifts liability from the owner to the general contractor

Exculpatory

Which document issued by the architect illustrates what is to be built on the project?

Plans

Which document describes the business procedures for a specific project and changes the initial procedures?

Supplementary conditions

When, during the project, are the shop drawings submitted and approved?

Prior to the fabrication and erection of the item

State law determines:

all of the above

"Executed" means a contract has been:

finished

Your specifications reference this construction organization acronym of CSI that publishes numerous technical reference sources. What is the correct name of CSI.

Construction Standards Institute

What legal entity is considered perpetual?

Corporation

Which legal entity affords an individual the most protection of individual assets from creditors of the business?

Corporation

Which legal entity results in double taxation?

Corporation

Which type of legal entity requires a charter?

Corporation

Which law are corporations formed under?

State

Which type of legal entity allows the net income or losses of the corporation to flow through to the individual tax returns of the shareholders and avoids federal taxes for the entity?

Subchapter S Corporation

Which document describes the quality of work, the quality of the materials, and the construction execution procedures?

Technical Specifications

A contract is entered into whereby the bid quantities are stated and payment for the work is based upon the actual quantities placed. What is this type of contract called?

Unit Price