Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/35

Click to flip

35 Cards in this Set

  • Front
  • Back

available ASAP, low cost, operates well

owners

high profit, quick cash, no hassles

general contractors

operates well, high fee, referred work

designer/engineers

high profit, quick cash, more work

subcontractor

the bridge bet. owners and contractors by which the project is built. Should reflect the project goals and scope as well as provide a clear delineation of each party's responsibilities.

construction contract

a legally binding or valid agreement between two or more parties.

contract

an element of a contract whereas an expression of willingness to contract on a specific set of terms made by the offeror with the intention that, if the offer is accepted, he or she will be bound by a contract.

offer

an element of a contract whereas an expression of absolute and unconditional agreement to all the terms set out in the offer. It can be oral or written. It must exactly mirror the original offer.

acceptance

an element of a contract which is not the same as acceptance, this extinguishes the original offer: you cant make this then decide to accept the original offer.

counter-offer

an invitation for other people to submit an offers, e.g. advertisements-so the person advertising is not compelled to sell to every customer.

invitation to treat

it is the price paid for the promise of the other party. The price must be something of value, although it need to be money.


The payment doesn't need to be fair payment, The courts will not intervene where one party has made a hard bargain unless fraud, duress (threat/pressure) or unconscionable conduct is involved.

consideration

a contract does not exist simply because there is an agreement between people.


-parties to the agreement must intend to enter into a legally binding agreement

intention of legal consequences

not all people are completely free to enter into a valid contract, the contracts of the groups of people involved problematic consent; people who have a mental impairment, young people (minors), bankrupts, corporations (people acting in behalf of a company), and prisoners

legal capacity


entering into a contract must involve the elements of free will and proper understanding of what each of the parties is doing.


The agreement of each of the parties to a contract is genuine.

consent

contracts that are contrary to the public good, committing crime,a fraud, prejudice public safety, tend to promote corruption in public life and to defraud the revenue.

illegal and void conracts

is a contract in which terms of the agreement are stated in words, (oral or written)

express contract

a contract formed in whole or in part from the conduct of the parties

implied contract

is an international standards organization for the construction industry, best known for the FIDIC family of contract templates.

INTERNATIONAL FEDERATION OF CONSULTING ENGINEERS

Fédération Internationale Des Ingénieurs-Conseils)

produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry

Joint Contracts Tribunal, also known as the JCT

is a formalised system created by the Institution of Civil Engineers that guides the drafting of documents on civil engineering and construction projects for the purpose of obtaining tenders, awarding and administering contracts.

New Engineering Contract (NEC), or NEC Engineering and Construction Contract

a_CPCM__certification demonstrates that you have met NCMA's highest standards for education, training, and experience, and have demonstrated your knowledge of the contract mgmt competencies in the contract mgmt body of knowledge.

Certified Professional Contracts Manager


(CPCM)

CFCM


certification validates your education, training, experience and your knowledge of the Federal Acquisition Regulation

Certified Federal Contracts Manager (CFCM)

CCCM


a certification validates your education, training, experience and your knowledge of the Uniform Commercial Code.

Certified Commercial Contracts Manager


(CCCM)

IACCM


world's most widely recognized professional certification in contract and commercial.

International Association for Contract & Commercial Management

A _FFPC_ contract provides for a price that is not subject to any adjustment on the basis of the contractor's cost experience in performing the contract.


This contract type places upon the contractor maximum risk and full responsibility for all costs and resulting profit or loss.

Firm-Fixed-Price Contract (FFP)

FPIC


a fixed price type with provisions for adjustment of profit.


-provide for establishing the final contract price by a formula based on the relationship of final negotiated total cost to total target cost.

Fixed-Price Incentive Contract

FPC-EPA


fixed price contract type which provides for upward and downward revisions of the stated contract price upon the occurrence of specified contingencies.

Fixed-Price Contract with Economic price adjustment

a type of economic price adjustment based on increases or decreases from an agreed-upon level in published or otherwise established prices of specific items or the contract end items.

adjustments based on established prices

type of economic price adjustments were based on increases or decreases in specified costs of labor or material that the contractor actually experiences during contract performance.

adjustments based on actual costs of labor or material

type of economic price adjustment were based on increases or decreases in labor or material cost standards or indexes that are specifically identified the contract.

adjustments based on cost indexes of labor or material

_CRC__ contracts provide for payment of allowable incurred costs, to the extent prescribed in the contract. These contracts establish an estimate of total cost for the purpose of obligating funds and establishing a ceiling that the contractor may not exceed (except at its own risk) without the approval of the contracting officer

cost reimbursements contracts

a ____contract may be used when the contractor agrees to absorb portion of the costs, in the expectation of the substantial compensating benefits.

cost sharing contracts

a __CPIF___contract is a cost reimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs.

Cost Plus Incentive Fee CPIF

a __CPFF__ contract is a cost reimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception of contract

cost plus fixed fee (CPFF)

a _CPAF__ contract is a cost reimbursement contract that provides fee consisting of a base amount which maybe zero fixed at inception of the contract and an award amount, based upon a judgemental evaluation by the government, sufficient to provide motivation for excellence in contract performance

CPAF Cost plus award fee