Exam 15: Closing the Bid

Whereas lump-sum bids involve calculating a single final price and assembling a list of subtrades, with a unit-price bid, the contractor is also required to complete a "_______", that is, an itemized breakdown of the work of the project.

The bid markup has one main component: profit.

A construction contract bid is compiled in three stages: the advance stage, the review stage, and the ____ stage.

A construction bid contract is compiled in three stages which include all of the following EXCEPT the _____ stage.

The last stage in the preparation of a unit-price bid is to ____.

____ are quoted for proposed changes in the specifications.

The estimate-cost control process is linear in nature.

The recap format for the takeoff items of a unit- price bid is the same as the format used with a lump-sum bid.

A bid may sometimes be called a(n)"____" or a "proposal."

The first step in the cost control process is assembling cost data for use in estimating future jobs.

The ____ function in a construction company will record all the expenses incurred in the operation of the entire company.

Most contractors use a ____ sheet to gather together all of the constituent prices of the estimate.

Contractors seldom see an advantage in allowing a higher proportion of overheads and fee against the work being completed early in the project.

At the very start of the estimating process, the estimator can set up the summary sheet by checking off the trades that will be completed by "own forces" and those that will be subcontracted.

Add-ons for small tools and payroll additives are calculated as a percentage of the total labor amount of the bid.

The information on a ____ is generally requested to provide a basis for evaluating monthly progress payments on the project.

In the bid markup, profit is generally assessed as a compensation for the risk taken by the contractor.

____ is defined as the amount of money remaining after all project expenses and company expenses have been paid.

Most contractors use a standard format of summary to capture all the main components of an estimate.

A stipulated sum of money to be expended by a contractor on a specific work item on a project is usually referred to as a ____.