Afsb 152 - Complete Practice Exam

Hadley Construction operates as a general building contractor. General building contractors engage in general building construction, which can be broken down into Commercial, industrial, residential, and public work. Which one of the following describes what happens if there are gaps or omissions in the construction plans and specifications when they are offered in the competitive bid process, and they are discovered after the construction begins? The project owner must pay additional money to the contractor in the form of change orders during the course of construction. The practice in which a contractor bills the project owner more than its cost for items that occur in the early phases of the contract and then bills correspondingly less for items that occur in later phases is called Front-loading. An assurance that results from the performance bond guarantee and benefits the construction-project owner is The significant financial assurance, beyond the contractor's financial resources, that the contractor will fulfill all contract terms. In construction contracts, the critical path method Ensures that work is completed in a logical sequence and that the project is completed within the time budget specified in the contract terms. Ridge Construction constructs locks and dams, power plants, large bridges, sewage and water treatment plants, utilities, and similar projects. Ridge Construction is a General engineering contractor. To prevent problems when contracting work outside of the contractor's usual geographic area, the contractor may need to Recruit local help or acquire a joint-venture partner to facilitate the project. Payments to the general contractor are usually made Each month, after the architect reviews and certifies the requests for payment. One can find the responsibilities of all parties to a construction project in which one of the following documents? The construction contract Which one of the following statements is correct regarding design/build contractors? A design/build contractor assumes much greater responsibility than traditional contractors.