Construction Methods and Project Management

These flashcards cover key terms and concepts related to construction methods and project management, aiming to facilitate better understanding and retention for the upcoming exam.

Lump Sum Contract

A type of contract where the contractor agrees to complete the entire work for a total stipulated sum, with no individual rates quoted.

Item Rate Contract

A contract where payment is based on the quantities of various items of work executed, allowing for detailed measurements of work done.

Cost Plus Fixed Fee Contract

A contract where the contractor is paid for actual costs incurred plus a fixed fee, mitigating the risk of fluctuating costs.

Turn-Key Contract

An integrated contract where a single contractor is responsible for all works across various disciplines, providing a fully operational end product.

General Specifications

Specifications that outline the class and type of work and quality of materials required for the project.

Detailed Specifications

Specifications that provide a comprehensive description of each item of work, including materials, methods, and workmanship quality.

Liquidated Damages

A fixed sum payable by the contractor as a penalty for delays, which does not correlate with the actual damage incurred by the owner.

Force Majeure

Natural disasters or unforeseen events beyond the contractor’s control that can lead to time or financial losses.

Negotiated Contract

A type of contract characterized by discussions between owner and contractor to establish project costs and conditions.

Contract Documents

The set of documents that includes the contract agreement, plans, specifications, and terms of engagement for the project.