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britmay
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Posted: Thu Sep 25th, 2008 08:09 pm |
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What is a quick definition of sealed-bid fixed price?
Thank you
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Michael F
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Posted: Thu Sep 25th, 2008 08:49 pm |
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The only thing I can think is that the bidding is closed, means that it will not be read out loud. The fixed price might mean the constract is base on a fixed sum.
Anyone else have a take on this???
http://www.areforum.org/forums/view_topic.php?id=39366&forum_id=6&highlight=sealed+bid
Last edited on Thu Sep 25th, 2008 08:52 pm by Michael F
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britmay
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Posted: Thu Sep 25th, 2008 09:05 pm |
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say entity that makes a bid submits a fixed price...... What else could he submit if not fixed price?????
(I would like to know even if out of scope of test. )
what and where in the document is there the clause about monetary reimbursement for delay in construction by contractor?Last edited on Thu Sep 25th, 2008 09:25 pm by britmay
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Michael F
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Posted: Thu Sep 25th, 2008 09:52 pm |
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A contractor has a few choices, Such as GMP under the AIA A111 contract or cost plus fee contract.
Read through A201 document also look for Liquidated Damages, I cant seem to pin point it yet.
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architect54
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Posted: Thu Sep 25th, 2008 10:15 pm |
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A sealed bid is when the bid is submitted and sealed in an envelope. It is sealed so the person who opens them does not know each bid price. It is a component of a fair bid process. In public (government) bid openings all of the sealed bids are openned in front of all the contractors attending the meeting and the bids are read aloud.
Contract compensation can be "cost of work plus fee" or "stipulated sum" (also know as fixed fee).
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architect54
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Posted: Thu Sep 25th, 2008 10:31 pm |
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Straight out of Kaplan CDS, 2005:
Cost Plus Fee Contract: An agreement under which the contractor, or the architect, is reimbursed for his or her costs and, in addition, is paid a fee for his or her services.
Stipulated Sum Contract: An agreement under which the architect or contractor is paid a specific amount as the total fee for services performed. Also known as Lump Sum Contract.
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Whatever you do don't get confused. The fee is "seperate" in the cost of work plus fee contract. In a lump sum contract, the fee is "everywhere."
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britmay
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Posted: Fri Sep 26th, 2008 08:20 am |
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| Does a sub have these two choices? lump sum or cost + fee?
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shinto909
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Posted: Fri Sep 26th, 2008 02:36 pm |
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depends on how the subcontract is negotiated by the general.
and to answer a previous question- an alternate to a fixed price is time and material. often a pain in the ass in my experience, but sometimes necessary
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Coach
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Posted: Sat Sep 27th, 2008 08:08 pm |
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britmay wrote: Does a sub have these two choices? lump sum or cost + fee? Beyond approving subs and dealing with non-payment/lien issues, the architect and owner are not involved with subcontracts so this is not a concern for the exam. However a GC and sub negotiate, the GC is responsible for the bid as required by the instructions to bidders.
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