Final Estimates Flashcards

Under FDOT Final Estimates, what is the purpose of 'Liquidated Damages'?

Answer: A pre-determined daily charge assessed for each calendar day the project exceeds the contract completion date

Liquidated damages are a per-day charge for late project completion, pre-established in the contract to compensate FDOT for the impacts of delays.

What must a contractor provide to support a claim for extra compensation under FDOT's Final Estimates process?

Answer: Written notice, supporting documentation, and detailed cost records demonstrating entitlement and damages

Contractors must submit written notice and detailed supporting documentation including cost records to substantiate claims for extra compensation.

In FDOT construction contracts, what is a 'Contract Time' adjustment?

Answer: A formal modification to the number of calendar days or the completion date allowed for the project

A Contract Time adjustment is a formal change to the project's allowed duration or completion date, typically documented through a Supplemental Agreement.

Under FDOT specifications, when is a 'Unilateral Supplemental Agreement' used?

Answer: When the contractor and FDOT cannot reach agreement on compensation for a change in work, and FDOT proceeds with the modification

A Unilateral Supplemental Agreement is issued by FDOT when mutual agreement on compensation cannot be reached, preserving the contractor's right to later claim.

What is 'Retainage' in the context of FDOT construction contracts?

Answer: A percentage of each progress payment withheld until project completion to ensure the contractor fulfills all contract obligations

Retainage is a withheld percentage of progress payments that protects FDOT by ensuring the contractor completes all work before receiving the full contract amount.

In Final Estimates, what is the role of the 'Inspector's Daily Report'?

Answer: It documents daily construction activities, quantities of work performed, workforce, equipment, and conditions, supporting quantity verification

Inspector's Daily Reports are critical field records that document work performed each day, serving as supporting documentation for quantity verification and dispute resolution.

Under FDOT's Final Estimates process, what is the purpose of the 'Final Estimate Review Meeting'?

Answer: To allow the contractor and FDOT to review and resolve discrepancies in quantities, amounts, and outstanding issues before finalizing payment

The Final Estimate Review Meeting provides an opportunity for both parties to reconcile differences and resolve open issues prior to issuing the final payment.