Logo
Home Study Material Contact Search
AI Chat FREE
  1. engineering
  2. civil engineering
  3. lump sum contracts: a. are negotiated between the

Lump sum contracts: A. Are negotiated between the owner and contractor on competitively bid projects. B....

60.2K

Verified Solution

Question

Civil Engineering

Lump sum contracts: A. Are negotiated between the owner andcontractor on competitively bid projects. B. Are where thecontractor is reimbursed for actual costs of labor and materials.C. Are typically used on engineering projects. D. Are the simplestmethod of stating the cost of an entire contract.

Answer & Explanation Solved by verified expert
3.7 Ratings (654 Votes)
The contractor under takes the execution o r construction of specific work with all its contingencies to complete it in all aspects with the specified time FIR the fixed amount The quantities are schedule of different items of work are not provided the contractor shall have to complete the work as per plan within stipulated time for fixed sum A Owner is aware of the cost of the project before the project construction starts it avoid a lotof details and accounting by the both owner and contractor Contractor gets free hand    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Exhibit 1 Company Shares   Beginning of year price Dividend per share End of year price Birch    250...

Finance
Q

a)Describe how observing two satellites from two receivers can allow clock errors to be removed. b). Describe how...

Civil Engineering
Q

Which of the following statements about E. coli is true?Some infections can be fatal to...

Biology
Q

5 Two identical calorimeters one containing water and the other an unknown liquid are left...

Physics
Q

1 SAT Question The density d of an object is found by dividing the mass...

Geometry
Q

An object oscillates as it moves along the x axis Its displacement varies with time...

Calculus
Q

Expressions Find the distance between the pair of points 5 4 and 13 10 The...

Algebra
Q

Element X is a radioactive isotope such that every 82 years its mass decreases by...

Algebra
Q

Problem 7-04A a-b...

Accounting
Q

Take one of the gigs that you described (in this instance, BABYSITTING) Fill out a...

Accounting
Q

N Accumulating a growing future sum Personal Finance Problem A retirement home at Deer Trail...

Finance
Q

Total assets plus total liabilities must equal total owners' equity. Select one: True False

Accounting