13. Summary Tables

Try these first

1. 1.

   Define a Lump Sum contract.

   Hint

   Think about the overall cost agreement.

2. 2.

   What is a red flag clause?

   Hint

   Focus on what might go wrong in a contract.

3. 3.

   What is a Lump Sum contract?

   • A contract with variable prices
   • A fixed contract price
   • A contract based on unit rates

   Hint

   Think about total costs versus unit pricing.

4. 4.

   True or False: A red flag clause guarantees a successful contract.

   • True
   • False

   Hint

   Look for terms that create uncertainty.

5. 5.

   A contractor discovers unstable soil under their job site which was not accounted for in their Lump Sum contract, leading to additional costs. How should the contractor approach this issue legally?

   Hint

   Focus on the unknown risks in Lump Sum agreements.

6. 6.

   Considering a scenario where a bid is evaluated unfairly due to ambiguous evaluation criteria, what legal recourse might the losing bidder have?

   Hint

   Think of how contract fairness is ensured.