Shortcut Navigation:

Fixed Price Contract Quiz

The final step on a project is the close-out phase where all activities are to be terminated in a business-like fashion. From a contractual point of view, the prime consideration is to determine __________.

The language of contracts does not preclude misunderstanding and situations that adversely affect project completion. Therefore, a contract should always have a method of removing the obstacles to progress. One method is to form a __________ committee to address matters that the project manager and the customer's representative cannot handle.

It is important to review the performance of subcontractors during post-contract evaluations. This review establishes the baseline for __________.

Project contracts can be separated into two broad categories: cost reimbursable and fixed price. In a fixed price contract the owner (buyer) must be specific in __________ and minimize __________.

In a cost-reimbursable contract, the owner (buyer) accepts most of the __________. therefore, the owner has more input as to how the work is accomplished as compared to a fixed price contract.

During the proposal and bidding phase, the owner (buyer) must assess the capability of the contractor (seller) to perform the work. For example, if the owner believes the proposed team consists of some individuals who do not have the requisite qualifications and suggests that these individuals be replaced, the contractor should __________.

The contractor (seller) accepts all liability for engineering errors, poor workmanship, and consequential damages under a(n) __________ contract.

Contracting for project work follows a set sequence of activities that ensures a favorable contracting strategy. The sequence of contracting activities includes the following: develop a contracting plan; screen contractors; select bidders; prepare invitations for bid; issue invitations for bid; __________; and award contract.

Contractor screening is important to ensure that candidates are capable of performing the work and the number is neither excessive, which will make the proposal evaluation process difficult, nor too few, which will minimize the competition. The four key items to be used in contractor screening are __________.

When invitations for bid are issued to the contractors, the bids (proposals) must be submitted in a standard format because __________.

Tagged as: fixed price contract, fixed price contract, fixed price, fixed price contract, fixed price contract, fixed price, contract
Home | About | Create | Register | Privacy | Terms | Sitemap | [Facebook] [Twitter] [Google+]