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
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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.
Which of the following item is incorrect about FIDIC red book 2017?
A. “Contract data” is included as a part of particular conditions.
B. FIDIC red book is suitable for use in EPC projects.
C. Many clauses in general conditions refer to the ones in particular conditions.
D. Whenever there is a conflict, the provisions in particular conditions shall prevail over those in the general conditions.
Which of the following item is INCORRECT?
A retention provision in a contract that allows a customer to withhold a portion of the contract price until the determination that the project or goods meet the predetermined or standard specifications.
B. When an escalation clause presents, that means the owner is entitled to compensation for the default led by the GC.
C. Liquidated damages are damages whose amount the parties designate in a contract for the injured party to collect as compensation upon a specific breach.
D. The reports of physical site conditions are critical for GC’s understanding about the project geological conditions.
Which of the following description is correct?
A. Compared to “purchase orders,” “subcontract agreements” mostly address transactions that involve the sale of goods.
B. FDL makes applicable provisions of the prime contract also applicable in PO.
Chinese Law regulates that GC may subcontract part of its work without consent of the owner.
D. In general, parties in item JV mutually share risks.
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