Fixed-Price Contracts Are an Example of Transferring Risk from an Owner

question 96

True/False

Fixed-price contracts are an example of transferring risk from an owner to a contractor.

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Definitions:

Decision-making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions to achieve a goal.

Premium Rate

The cost of insurance coverage expressed as a price per unit of coverage.

Workers' Compensation

Insurance offering medical advantages and compensation for lost wages to workers hurt while performing their job duties.

FUTA Tax Liability

Federal Unemployment Tax Act liability, which denotes the tax employers must pay to fund the federal government's unemployment benefits.