Which of the following is INCORRECT about alternative dispute resolution?
A. In mediation, parties engage a neutral person to serve as a mediator.
B. A mini-trial normally engages a jury.
C. The parties normally form a three-members dispute adjudication board according to the contract.
D. The mediator’s recommendation to the dispute is final and binding.
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_______refers to the situation where there is a common understanding of the formation of the contract.
A. “Meeting of the minds”
B. “Bid shopping”
C. “Unbalanced bids”
D. “An offer”
_____ is a project delivery method in which the owner contracts with separate entities for the design and construction of a project.
A. Design-Bid-Build (DBB)
B. Design-Build (DB)
C. Engineering-Procurement-Construction
Design-Build-Operate-Maintain (DBOM)
The following item(s) is/are NOT the most common reasons for construction company business failures.
A. Insufficient capital
B. Low employee turnover
C. Poor accounting system
D. Lack of early warning measures
Which of the following is INCORRECT about surety bond and insurance?
A. The insurer agrees to pay damages as a result of occurrence of an accident.
B. Surety’s obligations are not triggered by alleged failure of the principle to perform.
C. Surety’s obligations are triggered by an accident.
D. Contractors do not want to be taken over by the surety because they will find difficulty to get another bond later.
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