Exam 2

the process of calculating all the required costs for a construction project including quantity of materials, labor, and equipment and pply pricing to determine the projected cost of a projext

it refers to the projected costs of a construction project

a detailed measurement of the drawing to determine the required quantity of materials needed to complete a construction project

these are the costs of items associated or incurred to a specific task or activity in a construction project

these are the costs of items that support the completion of the project but not specifically associated to a particular task or activity

it is an allowance provided in the estimate to cover cost for unforseen items or cost of items that are different from what is initially established

these are the costs incurred that are associated to the project but not to a specific item of work

what type of estimate is based on vague description or limited information about the project

what type of estimate is used for budgeting purposes allowing the owner of the project to make a decision to proceed or not if the initial established cost is higher

contractors who submit their bid vareis in amount from one to another, this is due to some factors that affect the accuracy of the estimate, what are these factors

what are the factors that impact the overall productivity output of workers

what are the factors that impact the overall cost of a construction project

what are the reasons for site visit before bidding

what are the factors to consider whether to bid on a project or not

what document signifies the beginning of the bidding period

a document submitted by the general contractor to verify ambiguous or unclear info within the construction documents

these are documents, mock ups, or samples created by the contractor and presented to the owner or architect for approval prior to ordering the drawings and specs

a document during the bidding period provided to the bidders to clarufy any error, omission, or inquiry and become part of the contract document

these are the total costs of employee compensation and benefits, expressed as a percentage of payroll such as sick leave, vacation leave, workers comp, health insurance,

a process of selecting subcontractors after a GC is awarded the project

what are the fixed costs associated with owning equipment

what are the operating costs associated with owning equipment

it is defined as the amount of value your equipment loses every year until its expected service life

the book value of an asset after all depreciation has been fully expensed or the amount you can recover after the equipments service life

it is considered an unethical behaciot in contraction bidding when the owner discloses other contractors bids

an unethical behavior where an owner persuades an original low bidding contractor to reduce its quote

these changes made by the owner during construction to either add or subtract the scope of work

these are the payments that are based on the percentage of work completed and taken from the original bid amount shcedule of values

a provision in the construction contract to compensate owner for loss of revenue resulting from a dealy in a projects substantial completion date

it is defined as a systematic process of ensuring that a building system performs in accordance with the design intent, contract documents, and the owners needs

a document that lists the final work items remaining before a construction project is considered complete

the point in time in the construction project when the owner can partially or wholly occupy or use the facility

a documetn provided during the project closeout that serves as a promise made by the manufacturer of the material, fixture, or equipment used in the project, that in case the product is below quality, it will be repaired, replaced, or refunded

a written assurance document that the facts specified to a product, materials, fixtures, or equipment is true and genuine, but if they are not, it will be repaired or replaced

who are the parties involved in the securing bond

a type of bond which emsures that is a contractor is awarded the bid within the specified time, the contractor will enter into the contract and provide other specified bonds

a type of constrution insurance that provided benefits to employee or their family if they are killed or injured during the course of work

a type of construction insurance that protects the project under construction against direct loss due to fire, valdalism, theft, etc

commercial general liability