CPE Bid Preparation & Submission 3

Question 1

In lump sum bidding, the contractor bears the risk of:

Accepted Answer

Inaccurate quantity take-offs included in the contractor's estimate

Answer

In a lump sum contract, the contractor assumes responsibility for all quantity and scope interpretation within the bid documents.

Question 2

What is the function of a bid summary sheet in the estimating process?

Accepted Answer

It consolidates all cost components into a final bid total

Answer

The bid summary sheet combines labor, material, subcontractor, equipment, overhead, and profit into the final bid amount.

Question 3

Which of the following is an example of a unit price contract bid item?

Accepted Answer

Excavation per cubic yard at $18.50/CY

Answer

Unit price contracts price discrete measurable work items per unit, such as excavation by the cubic yard.

Question 4

What information is typically included on a bid form submitted to an owner?

Accepted Answer

Total bid price, alternates pricing, and acknowledgment of addenda received

Answer

Bid forms typically capture the base bid, alternate prices, unit prices if required, and confirmation of all addenda received.

Question 5

An estimator finds an addendum issued 24 hours before the bid deadline changes a major structural system. The correct action is to:

Accepted Answer

Request a bid extension, price the addendum changes, and acknowledge receipt on the bid form

Answer

Major late addenda may require requesting an extension to properly evaluate cost impacts while acknowledging the change.

(CPE) Certified Professional Estimator Practice Test