DBIA Unofficial Practice Questions III

Again, I don't know what's on the test, but these are my own practice questions prepared for myself.

Question	Answer
What are the contract formats?	Lump Sum Cost Plus GMP Unit Price Target Price
What is a Reimbursable in a Cost Plus Contract	Reimbursable are materials and labor used in the field, subject to auditing
When should the GMP Price be established?	At 50%
In DB, what are the problems when Performance Specs are not met?	LDs, impossibility, to make good.
What is important from the Dillingham Construction case?	Deviations from specs should be shared, and that have savings should also be shared
What must Liquidated Damages have to be legally sufficient?	Reasonable measure of damage and cannot be a penalty without early completion bonuses
What kinds of Limitations of Liability are there?	LDs, ceilings to liabilities, waivers for consequential damages, no damages for delay
What are Flow-Down Provisions?	Provisions that should be applied to all subcontractors, and incorporate design-related provisions into subcontracts
What are the types of Change/Dispute process in subcontracts?	Claims due to owner responsibility, Claims from others, and pass-thru documents from owners
True or False: The Design-builder is obligated to submit claims from subcontractors to the owner.	True
What type of insurance is for Claim-based insurance?	Errors & Omissions
What type of insurance is for Occurrence-based insurance?	Commercial General Liability (CGL)
What is the difference between O&M and CGL insurance?	CGL covers risks/liability of when a building a built, E&O covers the claims made at the present time
What is the CG 2280 policy?	Insurance that covers bodily injury and property damage resulting from design errors
What is builder's risk coverage?	Coverage for physical damage during construction, but design errors
What is a surety bond?	Payments and performance bond should a contractor default
True or false: A designer should carry a surety bond.	False. A designer does not need a surety bond because they don't have assets.
What are the major liability issues of a contract	Single point of resp, design liability, fair dealings, ownership of docs, contract formation

Del.icio.us | Digg it | Reddit | Yahoo MyWeb | Google Bookmarks | StumbleUpon | Technorati Faves | Blinklist | Furl