4 Ways to Assess Your Bidding Readiness Part 1
It’s normal for contractors to bid on projects in the construction industry. It’s also normal for contractors to experience bid rejection. Rejection can happen for a number of reasons. Our Bradenton construction lawyers understand the bidding process very well and we know what it takes to have great success. This is why forethought and thorough preparation is key. In this first part of the article, we’ll discuss the importance of evaluating every factor and why pre-bid meetings are critical. Visit Part 2 for the second half of the article.
1. Evaluate Every Factor
Before you bid, you’ll need to evaluate various factors to determine if bidding is worthwhile. The following actions and elements will have a strong influence on your decision to bid.
- Evaluate your competition
- Compatibility with project owners
- Understand the Scope of Work
- An understanding of plans and specifications
- Measure your capacity for a new project
- Understand the administrative requirements
- Understand specifications, performance, labor, and materials
- Evaluate the project’s profitability
- Your ability to meet bid terms
- Schedule a site visit
2. Why Pre-bid Meetings are Important
Again, preparation is key. This is why attending a pre-bid meeting is critical. After an invitation to bid is announced, these meetings are held to present the technical and procurement requirements. Space is given for bidders to ask questions to gain a better understanding of the solicitation documents. If you have any questions regarding the project, this is the time to get clarification. Potential bidders can gain better insight on solicitation documents and site conditions as well as other pertinent information regarding the project’s requirements.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.