Security Science Quiz: February
Test your security knowledge with SSI’s Security Science Quiz!
1. A parameter cost estimate is an estimate:
- Involving unit costs, which applies to but is not limited to site work, plumbing, heating, and electrical work
- Involving gross costs, which is not based on the building square footage of the project
- For closed bidders, which provides an option for each contractor to offer a low-high selection bid based on like, kind, and quality
- Only provided by a contractor in govern-mental projects, which includes, but is not limited to meeting the requirements of UL 2050 standards
2. When seeking bids for agencies of the U.S. government, rather than advertising the U.S. government uses a standard form entitled:
- Solicitation Notice Closed Forum OMB1184B
- Solicitation Notice Open Forum OMB1184B
- Pre-Solicitation Notice (Construction Contract)
- Notice to Official Government Bidders
3. For any required contract bonds, the premium the contractor must pay is based on:
- The CPI, the amount of financing on the project, and the wholesale costs of goods and materials used on the project
- The CPI, the amount of financing on the project, the amount of UCC filings on the project, and the retail costs of goods and materials used on the project
- Project duration, the class of construction, the total contract amount, and the applicable bond rates
- Prior loss history of the contractor, the net worth of the contractor, and the wholesale costs of the goods and materials used on the project
4. Under ordinary contract law, a bidder can withdraw or revoke its offer anytime:
- Prior to the three-day right to cancel expires, as codified in the separate notice of cancellation, which is mandated to be subsumed in the contract bidding documents
- Prior to the bidder being accepted
- Within 90 days of the bid being received
- Within 120 days of the bid being received
RELATED: Forensic Tip of the Month: Proceed Into Construction Contracts With Caution
5. A prime contractor’s bid is normally considered to be:
- Irrevocable after 30 days
- Irrevocable after 60 days
- Irrevocable after 90 days, as established by the common law doctrine of revocability
- Irrevocable after the bid opening and during the acceptance period prescribed for by the bidding documents
6. The generally accepted legal basis for relieving the prime contractor from its bid is known as the doctrine of:
- Unilateral mistake
7. If the owner incurs hardship, expense or loss of revenue due to the contractor failing to complete the work within the time specified by the contract – which can include, but is not limited to a “time is of the essence provision” – the contractor can be liable to the owner for:
- Liquidated damages
- Treble damages
- Statutory damages
- Provisional damages
Click to the next page to find the answers for this quiz!
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!