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Law and Order CHAP 2
Bids
| Question | Answer |
|---|---|
| 2A: If the Customer decides to deviate from the contract and has changed his/her mind, the contractor may write up a | change order |
| 2B: Property Insurance protects from | any loss by theft, fire, or perils to any physical property or equipment owned by the contractor |
| 2B: Builders Risk Insurance indemnifies against ______ | any damage to buildings while they are under construction |
| 2B: General Liability Insurance covers the insured when ______ | negligent acts result in bodily injury or property damage |
| 2B: Umbrella Policy protects contractors from ______ | major lawsuits |
| 2C: A Bond usually will cost a percentage of the job cost, this percentage is usually ______ | 1-2% |
| 2C: There are 3 types of bonds that may be required, they are ______ | Performance Bonds, Payment Bonds, and Contract Bonds |
| 2C: What is a performance bond? | guarantees completion of the job according to building specs |
| 2C: What is a payment bond? | guarantees payment to all contractors and suppliers |
| 2C: What is a contract bond? | guarantees both performance and payment will be completed |
| 2D: The Subletting and Subcontracting Fair Practices Act is also known as | Listing Law |
| 2D: The Listing Law was passed to prevent which 2 practices | bid shopping and bid peddling |
| 2D: What is Bid Shopping? | When a prime contractor disclosers a subcontractors bid to other subcontractors |
| 2D: What is Bid Peddling? | When a subcontractor lowers his/her bid after he/she fails to obtain contract |
| 2D: Which jobs does the Listing Law apply to | State and Local Public works |
| 2D: According to Listing Law, Contractors must include in the bid______ | the name and license number of every subcontractor and percentage of work to be done by each |
| 2D: The Listing Law name requirements only apply to Sub Contractors whose sub-bid is | 0.5% of total bid or $10,000, whichever is greater |
| 2D: According to Listing Law, if the Contractor does not provide sub-contractor names ____ | they are assumed to be doing the work themselves |
| 2D: When Materials change in PWC within _____ hours of closing, the contractor has _____ additional hours to submit subs | 72 |
| 2D: A Prime Contractor’s Bid selected in PWC cant substitute subs unless | the public entity consents to the substitution |
| 2D: In PWC, 6 valid reasons to replace a sub | Failure to Contract, Bankrupt, No Bonds, Clerical Error, Unlicensed, Not Qualified |
| 2D: In PWC, if subcontractor is outed, the subcontractor has ____ days to object | 5 |
| 2D: In PWC, If outed subcontractor requests hearing, the public entity must give notice of hearing date within | 5 days |
| 2D: In PWC If Prime Contractor lists sub in error he has ____ days after bid opening to notify public entity | 2 days |
| 2D: In PWC If sub is outed due to clerical error, the sub has _____ days to object | 6 days |
| 2D: If a Prime Contractor violate the listing law in a PWC the public entity may _____ | cancel contract or asses a penalty of 10% the sub-contract involved |
Created by:
yobryan2009
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