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Test 1 | CONE 4324 - Construction Contracts and Specifications, Quizzes of Civil Engineering

Class: CONE 4324 - Construction Contracts and Specifications; Subject: Construction Engineering; University: Texas Tech University; Term: Spring 2015;

Typology: Quizzes

2014/2015

Uploaded on 02/03/2015

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10 documents

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Owner

Defines purpose of construction designFreedom of operationsNeed Contract TERM 2

Public owner? (Example)

DEFINITION 2 Federal, state, local governmentsFunded by taxes TERM 3

Private owner? (Example)

DEFINITION 3 Individual, partnership, corporationFunded by personal savings or financing TERM 4

Architect-Engineer

DEFINITION 4 Also known as design professionalResponsible for the design of the project TERM 5

Prime Contractor

DEFINITION 5 General contractorIn contract with the ownerIn charge of day-to-day oversight of construction

Subcontractor

In contract with the prime contractor; the subcontractNo contractual relationship with the owner TERM 7

What are the construction

categories?

DEFINITION 7 Residential construction 40-45%Building construction 25- 30%Engineering construction 20-25%Industrial construction 5-10% TERM 8

What is a contract?

DEFINITION 8 Describes in detail the nature of the construction and the services to be performed. TERM 9

What is competitive bidding?

DEFINITION 9 Formal bidding procedure awarding the project to the lowest bidder TERM 10

What is a negotiated contract?

DEFINITION 10 Negotiating with a specific contractor or group of of small contractors.Handpick a contractor on the basis of reputation and qualifications to do the job.

Separate Prime Contract

Project is constructed by multiple prime contractorsOwner is responsible for overall coordination TERM 17

Design-Build

DEFINITION 17 Single firm responsible for design and construction TERM 18

Construction Management

(CM)

DEFINITION 18 Providing the owner with professional management services TERM 19

Design-Manage

DEFINITION 19 Owner enters into a single contract for design and CM TERM 20

Licensing

DEFINITION 20 required to protect public health and safetyPayment of fee and min. requirements

Building codes

Compliance is mandatory3 model codes uniform building code national building code standard building code TERM 22

Contractor Organizations

DEFINITION 22 National association representing general contractors. TERM 23

Individual Proprietorship

DEFINITION 23 Sole proprietorshipThe proprietor owns and operatesUnlimited liability to ownerEnds when owner dies TERM 24

General Partnership

DEFINITION 24 Unincorporated association of two or more people as co- workersProfits and losses allocated depending on proportion of ownershipPartnership agreement: Written articles of partnership TERM 25

Liability of General Partner

DEFINITION 25 Partners are individually responsible to creditors for debtsPartners can be sued jointly or independentlyEach partner assumes unlimited personal liabilityMust give notice of retirement

S

Corporation

Special corporate structure that can avoid double taxationClosely held TERM 32

Employee Stock Ownership Plan (ESOP)

DEFINITION 32 Form of deferred compensation to employees through stock investment TERM 33

Limited Liability Company

(LLC)

DEFINITION 33 Offers legal, tax, and economic advantages over other ownershipsDissolved w/ death, bankruptcy, or retirementClassified as partnership by IRS TERM 34

Joint Venture

DEFINITION 34 Not a form of ownershiptwo or more firms uniting to accomplish a specific project