construction project managemnt: QUESTION 1 The schedule of values is a timetable

Question

construction project managemnt:

QUESTION 1

The schedule of values is a timetable upon which progress payments are based

True

False

10 points   

QUESTION 2

The total of the schedule of values is the contract amount.

True

False

10 points   

QUESTION 3

Varying amounts of retainage are held by owners, usually ____ percent.

2 or 5

5 or 10

10 or 15

15 or 20

10 points   

QUESTION 4

Most contracts specify that the owner can take a period of ____ to process progress payment after receipt of the certified application, but this may vary depending on specific factors relating to the owner and project financing.

7 days

14 days

20 days

30 days

Explanation / Answer

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A 1 ]

The schedule of values is a timetable on which progress payments are based. So it is TRUE.

A2]

The total of the schedule of values is always equal to the contract amount.So it is TRUE

A 3]

Varying amounts of retainage are held by owners is usually in the range of 5 to 10% percent.

A4]

Most contracts specify that the owner can take a period of 30 daysto process progress payment after receipt of the certified application, but this may vary depending on specific factors relating to the owner and project financing.

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