The client commits to a fixed price for a prespecified unit of work is known as:
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Correct Answer:
Units Contract
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Time and Materials Contract (T&M Contract) is the client reimburses the contractor at a pre negotiated rate plus the cost of all materials.
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Correct Answer:
True
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____________ is a formal request to contractors for bidding on a project that specifies a high-level overview of specifications and requirements and outlines precise criteria for evaluation and selection.
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Correct Answer:
Request for Proposal (RFP)
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The bid factors only time and costs; also known as request for quotes (RFQ) is called _________.
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Correct Answer:
Request for Bid (RFB)
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Performance-Based Contract is the contractor will operate or maintain the completed project for a specified time following the completion of the project also known as:
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Which statement is correct about Optional-Scope Contract?
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Correct Answer:
Both
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Refers to possible changes in behavior that result from the type of implemented contract.
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Correct Answer:
Moral Hazard
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Information asymmetry means lack of information sharing between two or more parties.
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Correct Answer:
True
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A contract based on a stated due date. If the contractor completes the project before the due date, she receives a bonus payment is known as :
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Correct Answer:
Incentive Contract
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Fixed-Price contract is the client and contractor agree on a fixed amount at the beginning of the task or project for the specified work also referred to :
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Correct Answer:
Forward contracts
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Describes a project where some (or all) of the work is outsourced to independent contractors is called _____________ .
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Correct Answer:
Decentralized Project
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The client reimburses the contractor for some (or all) of the audited costs when the contractor’s work is completed is also known as :
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Correct Answer:
Cost-reimbursable contract
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Which statement is correct about Coordinating Contract?
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Correct Answer:
A contract that maximizes the value of the overall project.
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