Construction Science and Management HW2: Bonds, Agreements, and Prequalification, Study notes of Architecture

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CONSTRUCTION SCIENCE AND MANAGEMENT

CSM 4023 – HW2 Page | 1

CSM 4023 - CONSTRUCTION ESTIMATING II – Homework 2

I. BRIEFLY DEFINE THE FOLLOWING:

1. BID BOND

2. PERFORMANCE BOND

3. LABOR AND MATERIAL BOND

4. SUBCONTRACTOR BOND

5. LICENCE OR PERMIT BOND

II. WHAT IS “OWNER - CONTRACTOR AGREEMENT”?

III. WHAT IS “LOWEST PRICE VS BEST VALUE” CONCEPT?

IV. WHAT IS THE BIGGEST ADVANTAGE OF A UNIT-PRICE AGREEMENT?

V. UNDER WHAT CONDITIONS ARE COST-PLUS-FEE AGREEMENTS ARE USED MOST COMMONLY?

VI. LIST THE CERTAIN AGREEMENT PROVISIONS THAT ARE INCLUDED REGARDLESS OF THE TYPE OF THE

EXACT TYPE OF AGREEMENT.

VII. ARE SURETY BONDS FINANCIAL LOANS OR INSURANCE POLICIES?

VIII. WHAT ARE THE TWO FORMS OF PREQUALIFICATION FOR DOING BUSINESS WITH TXDOT? WHAT IS THE

DIFFERENCE BETWEEN THEM?

IX. TXDOT HAS A LIST OF PREQUALIFIED CONTRACTORS ON THEIR WEB SITE. WHAT ARE THE TWO

PRACTICAL USES OF HAVING THESE LISTS?

X. BRIEFLY EXPLAIN THE DIFFERENCES BETWEEN DBE, SBE and HUB.