8 Questions (cost & estimating 2)

Cost and Estimating 2

Homework 1 (20 points)\

1. Explain what a subcontractor is and the subcontractor’s relationship with the owner and the

general contractor. (3 points)

2. One of the requirements of most contract documents is that the contractor visits the site. Why

is the site investigation important? (3 points)

3. Explain what an alternate is and how it is handled during the bidding process? (2 points)

4. Why is it important that the estimator be certain that all addenda have been received before

submitting a bid? (2 points)

5. What are progress payments, and why are they important to the contractor? (2 points)

6. What is a bid bond, and how does it protect the owner? (3 points)

7. What are performance bonds? (2 points)

8. List and briefly define three types of agreements that may be used for the owner’s payment to

the contractor. (3 points)