Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
Class: CONE 4324 - Construction Contracts and Specifications; Subject: Construction Engineering; University: Texas Tech University; Term: Spring 2015;
Typology: Quizzes
1 / 7
Defines purpose of construction designFreedom of operationsNeed Contract TERM 2
DEFINITION 2 Federal, state, local governmentsFunded by taxes TERM 3
DEFINITION 3 Individual, partnership, corporationFunded by personal savings or financing TERM 4
DEFINITION 4 Also known as design professionalResponsible for the design of the project TERM 5
DEFINITION 5 General contractorIn contract with the ownerIn charge of day-to-day oversight of construction
In contract with the prime contractor; the subcontractNo contractual relationship with the owner TERM 7
DEFINITION 7 Residential construction 40-45%Building construction 25- 30%Engineering construction 20-25%Industrial construction 5-10% TERM 8
DEFINITION 8 Describes in detail the nature of the construction and the services to be performed. TERM 9
DEFINITION 9 Formal bidding procedure awarding the project to the lowest bidder TERM 10
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.
Project is constructed by multiple prime contractorsOwner is responsible for overall coordination TERM 17
DEFINITION 17 Single firm responsible for design and construction TERM 18
DEFINITION 18 Providing the owner with professional management services TERM 19
DEFINITION 19 Owner enters into a single contract for design and CM TERM 20
DEFINITION 20 required to protect public health and safetyPayment of fee and min. requirements
Compliance is mandatory3 model codes uniform building code national building code standard building code TERM 22
DEFINITION 22 National association representing general contractors. TERM 23
DEFINITION 23 Sole proprietorshipThe proprietor owns and operatesUnlimited liability to ownerEnds when owner dies TERM 24
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
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
Special corporate structure that can avoid double taxationClosely held TERM 32
DEFINITION 32 Form of deferred compensation to employees through stock investment TERM 33
DEFINITION 33 Offers legal, tax, and economic advantages over other ownershipsDissolved w/ death, bankruptcy, or retirementClassified as partnership by IRS TERM 34
DEFINITION 34 Not a form of ownershiptwo or more firms uniting to accomplish a specific project