Prime Contracts
True or False: Project Managers can sign the Prime Contract?
False. Prime contracts must be signed by a VP or above, depending on the contract value.
What fee structure acts as a, "Not To Exceed" value?
GMP (Guaranteed Maximum Price)
True or False: Subcontractors can start work based on an LOI
False. Subcontractors cannot mobilize until there is a signed contract in hand.
You have a TCO, your client has moved in and is occupying a portion of the space...are you done? or done, done?
Just done.
You are not done, done until all work is complete, punched out and accepted by the Owner.
What do you call the situation when a portion of the work doesn't appear to be owned by any subcontractor?
Scope Gap!
True or False: A project can have more than (1) Prime Contract?
True
Which fee structures poses the most risk for the builder?
Lump Sum
What are the attachments to a subcontract called?
Exhibits.
_______ denotes the pint when the project is sufficiently complete, so the Owner can occupy the space for its intended use.
Substantial Completion
_________ is a document prepared by the project team to be used as a shortcut to pertinent information in the Prime Contract
Contract Playbook
What does DBIA stand for?
Design-Build Institute of America
What is the most common fee structure used at Merus for Design-Build projects?
Cost-Plus Fixed % Fee w/GMP
What are our (3) typical subcontract types?
Long Form - subs with work in place
Short Form - rental agreements
Consultant Agreements - designers, testing agencies, etc.
What is the name of the financial penalty for breach of contract?
Liquidated Damages
Who is the only PM that could present on a subject as boring as contracts without putting the entire room to sleep?
Gary Easterly Jr.
Any other answers and security will remove you from the room!