CMGT-462 Midterm questions with verified answers
A Contractor can always propose a different type of contract, even if
the Owner wants a specific contract? Ans✓✓✓ True
A document which is referenced in a construction contract and
incorporated therein is most commonly referred to as one of the
following, except: Ans✓✓✓ Form
A lender may sue all borrowers under a construction loan for the full
amount of the debt under the _____________________ clause.
Ans✓✓✓ Joint & several liability
A single-purpose entity does not provide complete protection from the
lender recovering the borrower's personal assets. Ans✓✓✓ True
According to the AGC, a contractor may support a client to obtain
financing by providing all of the following, except: Ans✓✓✓ Food
orders
AIA form A101 comes standard with the description of liquidated
damaged agreed to between the owner and contractor. Ans✓✓✓ False
All of the following are "key terms" carried over from CMGT 460, with
the exception of the following: Ans✓✓✓ Change Orders
, All of the following are benefits of the integrated project delivery
method, except: Ans✓✓✓ Well established method
As a contractor, you should know the default terms within the owner's
loan documents. Ans✓✓✓ TRUE
At the beginning or end of the AIA forms, they reference other forms
that says those forms are incorporated into the form you are currently
reading. This means that if you agree/sign, then you are also agreeing
to the terms of those other forms. Ans✓✓✓
Change orders most likely are utilized during which of the following
construction contract phases: Ans✓✓✓ Construction
Contained in the introduction paragraph is often: Ans✓✓✓ -The title of
the contract condensed to one word
-The date that it is being signed or that it becomes effective
-The parties of the contract
-Could possibly include the location or description of the contract (this
can vary)
Examples of "general" contract provisions are all of the following,
except: Ans✓✓✓ Schedule
A Contractor can always propose a different type of contract, even if
the Owner wants a specific contract? Ans✓✓✓ True
A document which is referenced in a construction contract and
incorporated therein is most commonly referred to as one of the
following, except: Ans✓✓✓ Form
A lender may sue all borrowers under a construction loan for the full
amount of the debt under the _____________________ clause.
Ans✓✓✓ Joint & several liability
A single-purpose entity does not provide complete protection from the
lender recovering the borrower's personal assets. Ans✓✓✓ True
According to the AGC, a contractor may support a client to obtain
financing by providing all of the following, except: Ans✓✓✓ Food
orders
AIA form A101 comes standard with the description of liquidated
damaged agreed to between the owner and contractor. Ans✓✓✓ False
All of the following are "key terms" carried over from CMGT 460, with
the exception of the following: Ans✓✓✓ Change Orders
, All of the following are benefits of the integrated project delivery
method, except: Ans✓✓✓ Well established method
As a contractor, you should know the default terms within the owner's
loan documents. Ans✓✓✓ TRUE
At the beginning or end of the AIA forms, they reference other forms
that says those forms are incorporated into the form you are currently
reading. This means that if you agree/sign, then you are also agreeing
to the terms of those other forms. Ans✓✓✓
Change orders most likely are utilized during which of the following
construction contract phases: Ans✓✓✓ Construction
Contained in the introduction paragraph is often: Ans✓✓✓ -The title of
the contract condensed to one word
-The date that it is being signed or that it becomes effective
-The parties of the contract
-Could possibly include the location or description of the contract (this
can vary)
Examples of "general" contract provisions are all of the following,
except: Ans✓✓✓ Schedule
