Download NASCLA Contractors study Guide with Complete Solutions 100% Correct | 2024 and more Exams Advanced Education in PDF only on Docsity! NASCLA Contractors study Guide with Complete Solutions 100% Correct | 2024 market analysis - Correct Answer-major competitors Financial Plan - Correct Answer-projection Advantage of a Sole Proprietorship - Correct Answer-Freedom in decision-making process Disadvantage of a Sole Proprietorship - Correct Answer- Unlimited personal liability Partnership - Correct Answer-each partner expects to share in the profits and losses of the business. Two types of partnerships- General and limited Disadvantages of a General Partnership - Correct Answer- Unlimited personal liability of general partners. Partnership dissolves in the event of the death of a general partner. pg. 1 professoraxe l Purpose of Licensing - Correct Answer-A major purpose of licensing is to protect the health, safety, and welfare of the public VA Board for Contractors - Correct Answer-7 licensed contractor members Licensing Requirements: Exemptions - Correct Answer-Any material supplier Class A - Correct Answer-Single contract - $120,000 or more 12-month - $750,000 or more License classes are determined by - Correct Answer-Net worth Class A Class B - Correct Answer-$45,000 $15,000 License Renewals - Correct Answer-license expire two years pg. 2 professoraxe l VA Coverage Requirements - Correct Answer-Under VA Law Three or more full-time or part-time employees Subcontractors - Correct Answer-verify their insurance coverage Bond - Correct Answer-is a risk transfer between a surety, the contractor, and project owner Types of Bonds - Correct Answer-Bid bond - will do work at the submitted bid price Performance bond - complete a contract Payment bond - subcontractors and suppliers will be paid Miller Act - Correct Answer-for federally funded projects Construction Industry Payment Protection Act of 1999 - Correct Answer-Miller Act payment bond protections subcontractor pg. 5 professoraxe l If changes are made to a bid package before it is due - Correct Answer-Addendum is issued Determining Estimated Costs - Correct Answer-quantity take- off method Allowances - Correct Answer-finish materials change order Quantity take-off - Correct Answer-the most accurate way to estimate Conceptual estiamte - Correct Answer-prepared by the architect Key elements to make a contract binding - Correct Answer- Offer Acceptance Consideration There are 2 types of breaches: - Correct Answer-Material - a serious violation of the contract pg. 6 professoraxe l Immaterial - a less serious violation and usually does not result in termination of the contract Single Prime - Correct Answer-architectural firm to design contractor then performs the work Turnkey - Correct Answer-contractor also obtains financing and land Fast-Track Construction - Correct Answer-phased approach Change Order - Correct Answer-a written agreement between the owner and contractor to change the contract Changes prior to the contract award are called - Correct Answer-Addenda Changes made after the contract is signed and executed are called - Correct Answer-Modifications Legal Interpretation - Correct Answer-If the contract cannot be clarified pg. 7 professoraxe l FLSA does not require - Correct Answer-vacation holiday Penalties - Correct Answer-repeatedly violate the minimum wage or overtime 1,000 for each violation Immigration and Nationality Act - Correct Answer-Form I-9 on file for at least three years within three days of hire Identity and Employment eligibility - Correct Answer-U.S. passport Americans with Disabilities Act (ADA) - Correct Answer- prohibits discrimination 15 or more employees The ADA applies to people with - Correct Answer-AIDS pg. 10 professoraxe l Davis-Bacon Act - Correct Answer-prevailing wage rates federally-financed construction Family and Medical Leave Act - Correct Answer-12 weeks of unpaid job-protected leave each year Right-to-work - Correct Answer-support a union Safety Standards - Correct Answer-employer's responsibility to understand the OSHA standards correct any violations Emergency Action Pan - Correct Answer-more than 10 employees in writing OSHA Recordkeeping - Correct Answer-more than 10 employees pg. 11 professoraxe l Form 300A - Correct Answer-from 300A must be posted by February 1 and kept in place until at least April 30 Retain Records - Correct Answer-OSHA five years Fatalities and Hospitalizations - Correct Answer-report it within 8 hours Medical Treatment - Correct Answer-management and care of a patient Emergency Treatment - Correct Answer-Employers must keep MSDSs on hand information chemical Penalties OSHA Enforcement - Correct Answer-officals conduct inspections issue citations for violations Willful Violation - Correct Answer-Penalties of up to $70,000 pg. 12 professoraxe l