1. Tor F For a contractor to bid on a project the project margin should outweigh
ID: 1839046 • Letter: 1
Question
1. Tor F For a contractor to bid on a project the project margin should outweigh the risk 2. Tor F Conceptual estimates use completed drawings for accuracy. 3. Tor F Square foot estimates are prepared by multiplying the square footage of a building by the cost per square foot with adjustments for differences such building heights 4. Tor F In negotiated bidding the contractor negotiates all the subcontractor work. 5. Tor F Unit-price works is typically used for projects such as road construction. 6. Tor F The major disadvantage to the owner with a Lump-Sum contract is the majority of risk is placed on the owner. 7. Tor F A Percentage Fee contract is where the contractor's fee is based a specified percentage of the construction costs 8. Tor F Ina Fixed Fee with a Guaranteed Maximum Cost contract the majority of the risk is placed on the contractor for construction cost overruns. Tor F Bid Bonds are typically 20-30% of the contract cost. 10. Tor F All bids must be opened publicly. 11. Tor F Contractors are always given a completion date by the owner. 12. Tor F A bid must be selected and awarded by an owner during the bidding process. 13. Tor F Subcontractors generally create their own bids. 14. T or F The profit margin for a general contractor is typically 10-12%. 15. Tor F Historical accounting data should track both the cost and productivity of work performed. 16. Tor F Overtime generally increases productivity 17. Tor F Open shop contractors have more flexibility in determining wage rates and benefits for 9, workers 18. Tor F Productivity is not a factor for equipment, only labor. 19. Tor F The geotechnical report is generally completed prior to the bidding phase of a project 20. Tor F Excavation is measured in cubic yards.Explanation / Answer
1. T (True)
Contractor will bid for the project only if the project margin exceeds the risk or issues involved with the project.
2. F (False)
A conceptual estimate is made to know the approximate cost and feasibility of the project. In conceptual estimate only partial or limited data is available. Conceptual estimate is prepared without completed drawings, details and data.
3. T (True)
Square foot estimates of the building are prepared by multiplying the square foot area of the building by cost per square foot. The price for building heights, perimeter of the building etc. are considered for adjustment.
4. F (False)
In negotiated bidding, the contractor has no need to negotiate for all the subcontractors work.
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