Estimating and Bidding Flashcards
7 cards from real CC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Estimating and Bidding flashcards as text
Which type of estimate is typically the most detailed and accurate for a construction project?
Answer: Definitive estimate
A definitive estimate is prepared from complete construction documents and provides the highest level of accuracy, typically within ±5-10%.
When preparing a bid, which document outlines the rules, conditions, and procedures contractors must follow during the bidding process?
Answer: Instructions to Bidders
Instructions to Bidders is the document that details the rules, submission requirements, and procedures all bidders must follow when preparing and submitting their bids.
A contractor's overhead costs that cannot be directly attributed to a single project are called:
Answer: General overhead
General overhead (also called general and administrative overhead) covers costs like office rent, utilities, and administrative salaries that support the business but aren't tied to one project.
What does the term 'quantity takeoff' refer to in construction estimating?
Answer: Measuring and listing all materials needed for a project
A quantity takeoff is the process of measuring and listing all materials, labor, and equipment quantities needed for a project based on the plans and specifications.
Which bidding method requires contractors to submit sealed proposals that are opened publicly at a designated time?
Answer: Competitive sealed bid
Competitive sealed bidding requires all bids to be submitted in sealed envelopes and opened publicly at a specified time, ensuring fairness and transparency in the selection process.
A bid bond protects the project owner by ensuring that:
Answer: The contractor will enter into a contract if awarded the bid
A bid bond guarantees that if the contractor is awarded the project, they will enter into a formal contract; if they refuse, the bond compensates the owner for the cost of re-bidding.
In construction estimating, what is a 'contingency allowance' used for?
Answer: Covering unforeseen costs or risks not identified in the estimate
A contingency allowance is a percentage added to an estimate to cover unforeseen conditions, risks, or uncertainties that may arise during construction.