CM 4211 FINAL EXAM 2026 COMPLETE
QUESTIONS AND ANSWERS GRADED A+
◉ What is the next step in the construction contract process after
the contract has been drafted and reviewed by all parties? Answer:
A.
Negotiations
◉ Select the best definition for General Contractor. Answer: The
company or individual responsible for overseeing the construction
process and managing any subcontractors, if applicable
◉ There is no difference between lump sum and fixed price. Answer:
True
◉ What is a Guaranteed Maximum Price contract? Answer: The
maximum amount the owner will have to pay the contractor is
capped and is not to exceed
◉ Safety awards for no injuries, fast-tracking, and zero-quality
defects are possible examples of incentives in a unit price contract.
Answer: False
,◉ What does contract termination mean? Answer: When either
party can legally terminate the contract and any penalties that may
apply to the decision to terminate
◉ Of the three contracts LS, LSTK, and GMP, which once affords the
most protection financially and allows the owner to secure investors
and loans? Answer: GMP
◉ What are examples of construction contract clauses for
escalation? Answer: (A.Fuel and gas
B.Construction materials and equipment
C.Steel)
All of these answers
◉ Who is responsible for selecting and managing the sub-contractor
on a project? Answer: Prime/General Contractor
◉ The right to subcontract any project work has to be outlined by
which of the following. Select all that apply. Answer: The contract
◉ The advantage of cost plus is that the Prime Contractor will incur
a profit. Answer: True
, ◉ Select the best definition for Owner. Answer: The individual or
company hiring the general contractor and entering into the
contract to have construction work done
◉ Negotiating a contract with no compromise can affect which of the
following. Answer: Delay the start date
◉ A construction contract is an agreement that is between the
OWNER and which of the following. Answer: Prime/General
Contractor
◉ The Prime Contractor can terminate its contract when the owner
is in breach of contract or acting in bad faith. Answer: True
◉ You can have a multiple-contract method under one project.
Answer: True
◉ What does Indemnification mean? Answer: The responsibility of
the contractor for any damages or loss incurred by the owner due to
the work of the contractor
◉ What are examples of contract documents? Answer: (A. Scope of
Work
B.Technical specifications
QUESTIONS AND ANSWERS GRADED A+
◉ What is the next step in the construction contract process after
the contract has been drafted and reviewed by all parties? Answer:
A.
Negotiations
◉ Select the best definition for General Contractor. Answer: The
company or individual responsible for overseeing the construction
process and managing any subcontractors, if applicable
◉ There is no difference between lump sum and fixed price. Answer:
True
◉ What is a Guaranteed Maximum Price contract? Answer: The
maximum amount the owner will have to pay the contractor is
capped and is not to exceed
◉ Safety awards for no injuries, fast-tracking, and zero-quality
defects are possible examples of incentives in a unit price contract.
Answer: False
,◉ What does contract termination mean? Answer: When either
party can legally terminate the contract and any penalties that may
apply to the decision to terminate
◉ Of the three contracts LS, LSTK, and GMP, which once affords the
most protection financially and allows the owner to secure investors
and loans? Answer: GMP
◉ What are examples of construction contract clauses for
escalation? Answer: (A.Fuel and gas
B.Construction materials and equipment
C.Steel)
All of these answers
◉ Who is responsible for selecting and managing the sub-contractor
on a project? Answer: Prime/General Contractor
◉ The right to subcontract any project work has to be outlined by
which of the following. Select all that apply. Answer: The contract
◉ The advantage of cost plus is that the Prime Contractor will incur
a profit. Answer: True
, ◉ Select the best definition for Owner. Answer: The individual or
company hiring the general contractor and entering into the
contract to have construction work done
◉ Negotiating a contract with no compromise can affect which of the
following. Answer: Delay the start date
◉ A construction contract is an agreement that is between the
OWNER and which of the following. Answer: Prime/General
Contractor
◉ The Prime Contractor can terminate its contract when the owner
is in breach of contract or acting in bad faith. Answer: True
◉ You can have a multiple-contract method under one project.
Answer: True
◉ What does Indemnification mean? Answer: The responsibility of
the contractor for any damages or loss incurred by the owner due to
the work of the contractor
◉ What are examples of contract documents? Answer: (A. Scope of
Work
B.Technical specifications
