The Process of Project Closeout

question 5

Multiple Choice

The process of project closeout

• A) Begins upon substantial completion
• B) Is up to the Owner
• C) Begins when the Contract Administrator finishes reading the Contract
• D) Is dictated by the Architect

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Definitions:

Offer

A proposal presented by one party to another with the intention to create a legally binding agreement upon acceptance.

Escrow Account

An escrow account is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction, ensuring fair and secure dealings.

Objective Theory

A legal principle stating that the terms of a contract are interpreted based on external expressions (actions, words) rather than internal intentions.

Offeror's Words

The specific language or phrasing used by the person making an offer in a contract scenario, which can impact the terms and acceptance of the contract.