In ______ construction, construction work does not begin until ail design work i
ID: 1711507 • Letter: I
Question
In ______ construction, construction work does not begin until ail design work is complete. _________ owner/contractor agreements are well suited to projects where the full scope of construction work is not yet determined at the time of agreement. Profit sharing is one example of an ______, used to bring the interests of the contractor and owner into closer alignment. In _____ project delivery, an owner does the following, in sequence: contracts with a design team, completes design of the facility, bids the construction work, hires a contractor, and completes construction. When the scope of work is well defined, an owner may use a _______ construction agreement so as to begin construction within an established total cost. In _______ project delivery, design and construction are performed by one contractual entity, and the traditional boundaries between design and construction are less distinct.Explanation / Answer
2. A Guaranteed maximum price .(Similar to CPFF but quality may be sacrificed to avoid increases in cost beyond GMP)
3. A Design- Bid- Build . ( In the name itself it was clearly mentioned it's a sequential process which can be executed one after another, hence only after COMPLETE DESIGN AND BIDDING takes place the 3rd step i.e., CONSTRUCTION can be takes place)
4. Time and Material Contracts. (Time and material contracts are usually preferred if the project scope is not clear, or has not been defined. The owner and the contractor must establish an agreed hourly or daily rate, including additional expenses that could arise in the construction process. The costs must be classified as direct, indirect, markup, and overhead and should be included in the contract. Sometimes the owner might want to establish a cap or specific project duration to the contractor that must be met, in order to have the owner’s risk minimized.)
5. Guaranteed maximum price.(Guaranteed maximum price is similar to CPFF but quality may be sacrificed to avoid increases in cost.)
6.Design-Bid-Build (DBB) – In the name itself it was clearly mentioned it's a sequential process which can be executed one after another. Its a traditional U.S. project delivery method, which customarily involves three sequential project phases: design, procurement, and construction.)
7.Lumpsumor fixed pricecontract type. (This type of contract involves a total fixed priced for all construction-related activities. Lump sum contracts can include incentives or benefits for early termination, or can also have penalties, called liquidated damages, for a late termination. Lump Sum contracts are preferred when a clear scope and a defined schedule has been reviewed and agreed upon. This contract shall be used when the risk needs to be transferred to the builder and the owner wants to avoid change orders for unspecified work. However, a contractor must also include some percentage cost associated with carrying that risk. These costs will be hidden in the fixed price. On a lump sum contract it is harder to get credit back for work not completed.)
8. Design - Build method. (Its a project delivery method that combines architectural and engineering design services with construction performance under one contract.)
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