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3 cards from this section. Quick, good the night before a test.
Define a Lump Sum contract.
Think about the overall cost agreement.
What is a red flag clause?
Focus on what might go wrong in a contract.
What is a Lump Sum contract?
Think about total costs versus unit pricing.
True or False: A red flag clause guarantees a successful contract.
Look for terms that create uncertainty.
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?
Focus on the unknown risks in Lump Sum agreements.
Considering a scenario where a bid is evaluated unfairly due to ambiguous evaluation criteria, what legal recourse might the losing bidder have?
Think of how contract fairness is ensured.
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