WA General Contractor Practice Questions - Washington General Contractor Exam

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A Washington contractor receives a contract for $200,000 but underestimated material costs by $30,000. If the contract is a fixed-price (lump sum) agreement, who bears the additional cost?

The contractor absorbs the additional cost The owner must pay the additional $30,000 The cost is split 50/50 The surety bond covers the difference

Correct Answer:

The contractor absorbs the additional cost

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