construction project managemnt: QUESTION 1 The schedule of values is a timetable
ID: 1710977 • Letter: C
Question
construction project managemnt:
QUESTION 1
The schedule of values is a timetable upon which progress payments are based
True
False
10 points
QUESTION 2
The total of the schedule of values is the contract amount.
True
False
10 points
QUESTION 3
Varying amounts of retainage are held by owners, usually ____ percent.
2 or 5
5 or 10
10 or 15
15 or 20
10 points
QUESTION 4
Most contracts specify that the owner can take a period of ____ to process progress payment after receipt of the certified application, but this may vary depending on specific factors relating to the owner and project financing.
7 days
14 days
20 days
30 days
Explanation / Answer
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A 1 ]
The schedule of values is a timetable on which progress payments are based. So it is TRUE.
A2]
The total of the schedule of values is always equal to the contract amount.So it is TRUE
A 3]
Varying amounts of retainage are held by owners is usually in the range of 5 to 10% percent.
A4]
Most contracts specify that the owner can take a period of 30 daysto process progress payment after receipt of the certified application, but this may vary depending on specific factors relating to the owner and project financing.