1. Which of the following should be on a written quote sheet? a. Warranty information b. Schedule of the work c. Subcontractor identifications d. Contractor license number It is not only a good business practice to put your license number on all quotes and contracts, but many states require it. Many states require the contract license number to be stated in all advertisements, offers of services and proposals. Providing your license number on all such communications will give your prospective clients confidence and security in your business. 2. Contract types strongly impact how estimates are prepared. What type of contract typically has a well-defined scope of work and set of plans? a. Unit Price b. Lump Sum c. Cost Plus d. Time & Materials Lump Sum contracts have a fully developed scope of work and set of plans with detailed quantities. Unit Price contracts are used frequently in civil construction where the scope is known, but the exact quantities are unknown. Cost Plus contracts do not have a defined scope of work. Time and Materials contracts are used when the scope of work is unknown but the materials costs are known. 3. How many parties typically are there in a bid bond? a. 1, the contractor b. 2, the contractor and owner c. 3, the contractor, owner and surety d. 4, the architect, contractor, owner and surety Study Online Instantly The typical bid bond Click to Save 50% Now has three parties, the contractor (principal), the owner (obligee) and the surety (obligor), which is an insurance company or bank. A bid bond functions as a guarantee that the contractor who wins the bid will perform the contract terms as agreed. 4. If a subcontractor on a construction project is not paid, what type of lien can be used to enforce payment? a. UCC lien b. Mechanic's lien c. Mortgage lien d. Tax lien The word "lien", pronounced "lean", is a Latin derivative