_______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”
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_____ 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.
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.
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