Name four types of risks that are properly retained solely by the owner.
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Name four types of risks that are properly retained solely by the owner.
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- 7. Which one of the following is not an element of strict liability? A. With intent to mislead buyer B. Defective product C. Buyer suffers physical injury D. Seller sells to buyer Mark for review (Will be highlighted on the review page.Name the six categories of risk.Construct a conceptual framework abour risk management in construction.
- Depreciation, Interest, Taxes, Insurance, Storage, and License fees fall under what category cost?Who provides performance and payment bonds?What is meant by; Defects liability period, liquidates damages, cost planning, bid bond, subcontracting, retention sum, interim certificate and final certificate?
- What are the three major types of construction bonds? Whyare they required? Name three items that affect bondingcapacity.The AIA and its Document Committee follow this (these) basic axiom(s) in drafting their every 10 year updated agreements: O Allocate risks to the party who has direct control over the portion of the process O Allocate risks along the lines drawn by case law O Reflect the normal, reasonable expectations and actions of the parties to design and construction; O All noted.Question 8 What is the contract delivery method called where the prime consultant is responsible to the contractor? E Public-private partnership E Integrated project delivery Design-build I Construction management for services Question 9 What document is requested by the owner to ensure the contractor enters into a contract? Agreement to bond Performance bond Bid bond I Certification of insurance