L4M3 Commercial Contracting Recap Week 5

Which is a standard for Labour

• ILOS

• ILO

• ILK

• ILP

What does the ILO stand for

• International Labour Organisation

• Industrial Labour Organisation

• International Labour Objectives

• Industrial Labour Objectives

Which Pricing Arrangement is best suited to a market where supply and demand dictate the price

• Incentivised Contracts

• Cost Plus

• Pricing Schedules

• Fixed Price Arrangement

Which Pricing Arrangement is best suited when the work is simple and the spec is clearly defined

• Pricing Schedules

• Cost Plus

• Fixed Price Arrangement

• Incentivised Contracts

Which Pricing Arrangement best describes when the price moves with the cost and an agreed profit mark up is in place

• Pricing Schedules

• Cost Plus

• Fixed Price Arrangements

• Incentivised Contracts

What type of Contracting is Cost Reimbursable and Risk and Reward Pricing

• Incentivised Contracts

• Fixed Price Arrangements

• Cost Plus

• Pricing Schedules

A pro forma invoice is legally binding...True of False

• True

• False

Which Pricing Arrangement will provide the least amount of risk for the buyer?

• Cost Plus

• Fixed Cost

• Cost Reimburseable

• Fixed Fee

Holding back a percentage of the contract price is known as?

• Residuals

• Remittances

• Reclaims

• Retentions

Which of the following Insurances applies to the advice provided by a consultant?

• Product Liability

• Public Liability

• Professional Indemnity

• Employers Liability