Construction Management Final exam study guide with correct answers

The following are the challenges facing the construction industry today, except Correct Answer-decreasing demand in sustainability requirements the parameters define the overall extent of work to be included in a construction contract. Correct Answer-scope of project a supplemental drawing to the plans and specifications that details fabrication method, materials, and models of a product or installation associated with the project. Correct Answer-shop drawings it is a process of awarding a contract to subcontractors and issuing a purchase order for materials and equipment. Correct Answer-buy out a request made by the owner to add or subtract features to the scope of the project resulting in changes to the contract Correct Answer-change order a daily amount of money paid by the contractor to the owner for each day that the project fails to meet the completion date specified in the contract Correct Answer-liquidated damage a change or addition to the contract documents issued after the documents have been released but before the bids are due Correct Answer-addenda a contract document set consists of Correct Answe