Question

Contingency is something that should be added to a(n): Select one: of 1 a. Owner's construction loan amount b. General Contractor's baseline schedule C. Design Firm's fixed-fee design contract d. Inspector's schedule of inspection time e. All of the above Week 14 Lectures source Allocation and Leveling Re Jump to... 10.3.JPG CE 611 Live C...mp4 6.1 (2).PNG apter 6 (2).mp4 и

Answer 1

-> Option C is correct.

In case of fixed fee design contract, it is not possible to increase the cost of project based on present time costs of materials, these costs are estimated previously based on that time rates and some contingency is added. Contingency is the extra cost that is added to the estimation based on fixed price cost of materials and workmanship. It is generally take more than 3 years for completion of major projects, during this time the previously estimated cost of materials may increase. This contingency estimation is based on mainly experience, how this costs increases previously with the help of statics.