4 Ways to Assess Your Bidding Readiness Part 2
In Part 1 of our article, we provided you with half of our list of ways to assess your bidding readiness. In this second part, we bring our discussion to a close with common mistakes to avoid and determining if you’re the best bidder.
3. Avoid Common Mistakes
Bids get rejected for a number of reasons. Getting the assistance of a Jacksonville construction lawyer can keep you from overlooking a minor aspect that can cost you a highly profitable project. One of the major ways to lose a bid is to bid on a project that you don’t have the resources to successfully complete. Do not allow desperation to cause you to bid on projects that won’t profit you in the end. This leads to the next mistake of failing to count up the costs. Not only should you understand the cost associated with performing the project, but you should be sure you are calculating your numbers correctly by using a software solution or having someone else evaluate the numbers.
Other mistakes to avoid include:
- Not prequalifying potential subcontractors
- Not understanding the risks of the project and how you’ll reduce and resolve them
- Not completing all documents required and failing to submit them on time
- Cutting corners by using inferior materials or not purchasing insurance
- Relying too heavily on change orders
4. Are You the Best Bidder?
One of the first things you must answer honestly is your ability to win a bid. This means determining your chances of being the lowest or best bidder. Being the best bidder doesn’t always mean you are the lowest. Also, underpricing a bid can cause you to not make a significant profit in the end. As mentioned above, understanding the project plans and specifications is crucial because your bid must match or closely match the plans and specifications of the project. Failing to understand this means submitting a bid that doesn’t measure up. Another factor you’ll want to be aware of is your reference history. It can make or break you so be sure it’s solid and builds your reputation.
If you’re in need of legal counsel, the lawyers of Cotney Construction Law are available to help you evaluate your readiness as well as help you navigate the entire process.
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.