CCIFP Legal Questions with Correct Answers
Current status of caveat emptor (buyer beware)
More exceptions being developed by the courts
Heavy construction
Contractors that build bridges, highways and similar infrastructure. Usually engaged by
governmental entities. Self-perform often
Financial managers legal responsibilites
Tracking outstanding litigation and keeping exposure low
Fraud and false statement act
Criminalizes fraud and concealment in connection with federal projects
FAR 3.10
General contractor code ethics and conduct
Far 3.10 hotline requirements
Must be displayed with contacts 5.5m and over lasting over 120 days
GMP type contracts
Paying side won't pay above maximum stated contract price
Little Miller acts
Adopted by states (based on federal Miller act) requiring bonding when tax dollars are used
Mini-trial
, Type of alternative dispute resolution. Truncated proceeding attempting to mimic court with
counsel and c-suite officers to come to an agreement to the dispute
Phase of the life cycle where contractor can affect contract terms
contract award
Force Majeure
Circumstances beyond the control of a party under contract that allows them to seek time or
compensation (excusable delay)
Liquidated damages
Contract provision that the delaying party must compensate the non-delaying party at a
agreed upon rate
Performance specs vs design specs
Performance: Compels the contractor on what they need to complete, but not how
Design: Compels that what and how of completion
Fixed price type contract
Agreed upon single price that only changes with scope changes. Contractor takes risk of loss.
Owner has responsibility for documents accuracy
Termination claim
Claim that results in default (one party terminates) or convenience (both parties terminate)
Apparent authority vs contracting officer
Current status of caveat emptor (buyer beware)
More exceptions being developed by the courts
Heavy construction
Contractors that build bridges, highways and similar infrastructure. Usually engaged by
governmental entities. Self-perform often
Financial managers legal responsibilites
Tracking outstanding litigation and keeping exposure low
Fraud and false statement act
Criminalizes fraud and concealment in connection with federal projects
FAR 3.10
General contractor code ethics and conduct
Far 3.10 hotline requirements
Must be displayed with contacts 5.5m and over lasting over 120 days
GMP type contracts
Paying side won't pay above maximum stated contract price
Little Miller acts
Adopted by states (based on federal Miller act) requiring bonding when tax dollars are used
Mini-trial
, Type of alternative dispute resolution. Truncated proceeding attempting to mimic court with
counsel and c-suite officers to come to an agreement to the dispute
Phase of the life cycle where contractor can affect contract terms
contract award
Force Majeure
Circumstances beyond the control of a party under contract that allows them to seek time or
compensation (excusable delay)
Liquidated damages
Contract provision that the delaying party must compensate the non-delaying party at a
agreed upon rate
Performance specs vs design specs
Performance: Compels the contractor on what they need to complete, but not how
Design: Compels that what and how of completion
Fixed price type contract
Agreed upon single price that only changes with scope changes. Contractor takes risk of loss.
Owner has responsibility for documents accuracy
Termination claim
Claim that results in default (one party terminates) or convenience (both parties terminate)
Apparent authority vs contracting officer
