Construction Contracts Quiz

What is a construction contract?

• An agreement between two or more parties to execute the construction works

• An agreement between a buyer and a seller

• An agreement between a landlord and a tenant

• An agreement between an employer and an employee

What is the purpose of the owner-contractor agreement?

• To manage the project timeline

• To formalize the construction contract

• To select the construction contract type

• To determine the project budget

Which type of contract agreement includes a fixed price for the construction project?

• Lump-sum agreement

• Unit-price agreement

• Cost-plus-fee agreements

• Time and materials agreement

What does the project delivery method determine?

• The relationships between parties involved in the project

• The project timeline

• The project scope

• The project budget

What should be included in the owner-contractor agreement?

• Project risks and constraints

• Project description and contract sum

• Project scope and quality

• Project budget and timeline

What type of agreement includes a description of the project and contract sum?

• Time and materials agreement

• Cost-plus-fee agreements

• Unit-price agreement

• Lump-sum agreement

What type of attorney should contractors employ for reviewing the construction contract?

• Construction industry and property law attorney

• Family law attorney

• Criminal defense attorney

• Real estate attorney