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Afsb 152 Practice Exam Complete Answers Graded A+

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Afsb 152 Practice Exam Complete Answers Graded A+

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AFSB 152 PRACTICE EXAM COMPLETE
ANSWERS GRADED A+

◉ Fixed-price contract
Answer: Contract where the contractor receives a set amount for
completing the work. Also called lump-sum.


◉ Unit-price contract
Answer: Contract dividing work into units, with a set price per
unit.


◉ Cost-plus contract
Answer: Contract paying the contractor the cost of work plus
overhead and profit.


◉ Cost-plus with guaranteed maximum price (GMP)
Answer: Contract paying the contractor the cost of work plus
overhead and profit, with a ceiling on what the owner will pay.


◉ Sharing clause
Answer: Clause setting a target cost and sharing savings below
target between owner and contractor.


◉ Changes clause

, Answer: Allows the owner to make changes or modifications to
the work.


◉ Litigation
Answer: Formal lawsuit seeking damages.


◉ Mediation
Answer: Nonbinding ADR where a neutral helps parties reach
settlement.


◉ Arbitration
Answer: ADR where a neutral decides the dispute, often binding.


◉ Strike clause
Answer: Allows time extension if labor disputes delay work.


◉ Force majeure clause
Answer: Protects parties unable to perform due to causes outside
their control.


◉ Price escalation clause
Answer: Allows contractor to claim increased costs from
unforeseen price increases.

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