Question

Multiple Choice: Please select the correct answer 1. Progress payments are generally issued A - whenever...

Multiple Choice: Please select the correct answer

1. Progress payments are generally issued

A - whenever the contractor submits the bill

B - whenever the subcontractor submits the bill

C - every 45 days

D - every 30 days

2. In order to pay the progress payment, who must certify the amount?

A - the contractor

B - purchasing agent

C - design professional

D - the owner

3. Retainage is generally withheld from each process payment. The process of Retainage is:

A - to retain an amount for work that is incomplete or not in in accordance with the contract documents

B - make sure the subcontractors are paid

C - provide the owner security against risks  

4. A contractor completes $100,000 of work during a pay period. The contract has 10% Retainage. The correct amount is

A - $90,000

B - $100,000

C - $75,000

D - $10,000

5. A prompt act payment act applies

A - subcontractors

B - everyone

C - owners only

D - contractors only

6. Substantial competition is defined as

A - when the project is more or less completed

B - when the punch list is completed

C - when the punch list is submitted to the contractor

D - when the project is substantially complete so the owner can utilize the work for its intended purpose

7. The legal principal where the contractor may recover for any net benefit conferred to an owner is called

A - substantial performance

B - doctrine of conditions

C - Quantum Meruit

D - Restitution

8. The author suggest 3 risk allocation plans. Which of the following is not one of them:

A - gather no information

B - Gather the information but promise to equitable adjust the contract price based on actual conditions

C - gather the necessary information but disclaim the accuracy

D - require the contractor to do his own investigation

9. A contractor has been hired to renovate a 200 year old residence. Once he opens a wall, he discovers abesstos covering the heating pipes. which were not called out in the contract. Should he:

A - note it to the owner but make no claim at this point

B - do the work he should have known the building would contain abesstos

C - Stop work and request a change order based on a changed condition

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