Contracts Expert Interview Questions and Answers

Rate analysis is the process of determining the rates of various items of work in a construction project.

• It involves breaking down the cost of each item of work into its constituent parts

• It helps in estimating the total cost of the project

• It helps in comparing the rates of different contractors

• Example: Rate analysis of a building project would involve determining the cost of materials, labor, equipment, and overhead for each item of work such as excavation, foundation, walls,...read more

Types of contracts include express, implied, unilateral, bilateral, executed, executory, and voidable.

• Express contract: written or spoken agreement

• Implied contract: inferred from actions or circumstances

• Unilateral contract: one party makes a promise in exchange for an act by the other party

• Bilateral contract: both parties make promises to each other

• Executed contract: fully performed by both parties

• Executory contract: not yet fully performed by one or both parties

• Voidable cont...read more