UPSC Exam > UPSC Videos > Civil Engineering Optional Notes for UPSC > Main Contract Models Used up Today
Main Contract Models Used up Today Video Lecture | Civil Engineering Optional Notes for UPSC
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350 videos|464 docs|2 tests
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FAQs on Main Contract Models Used up Today Video Lecture - Civil Engineering Optional Notes for UPSC
| 1. What are the main contract models used up today? |  |
Ans. The main contract models used up today include Fixed Price Contracts, Cost-Reimbursable Contracts, Time and Materials Contracts, and Unit Price Contracts.
| 2. What is a Fixed Price Contract? | |
Ans. A Fixed Price Contract is a type of contract where the price is agreed upon before the work begins and does not change regardless of the actual costs incurred by the contractor.
| 3. What is a Cost-Reimbursable Contract? | |
Ans. A Cost-Reimbursable Contract is a type of contract where the contractor is reimbursed for all allowable costs incurred during the project, plus a fee for profit.
| 4. What is a Time and Materials Contract? | |
Ans. A Time and Materials Contract is a type of contract where the contractor is paid based on the time spent on the project and the materials used, with a predetermined hourly rate for labor and a markup for materials.
| 5. What is a Unit Price Contract? | |
Ans. A Unit Price Contract is a type of contract where the price is based on a set price per unit of work completed, such as per square foot or per hour of labor.
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Dec 27, 2024 Last updated |
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