Advice for Successfully Bidding on Construction Projects
At any given time, contractors bid on numerous projects. Therefore, understanding a few items can make the bidding process go smoothly and in your favor. Here’s some advice from an Orlando construction attorney for successfully bidding on construction projects.
Keep it Simple
Simple language will allow you to get a meeting with the client and, ideally, a contract. Keep your bid simple and clear, avoid confusing language, and present facts.
Know the Details
Don’t use the measurement inches if the bid information requires your bid to be in feet. Every detail will cost you because it shows that you have (or have not) read through the project specs and completely understand the scope of the job. Remember to number your pages and bind everything. Ensure that every piece of paper is justified and has a specific purpose.
Watch Out for The Due Date
Know the due date for all bids. Don’t wait to send in your bid and remain cognizant of the time it may take to process and mail out your information.
Be the Lowest Bid and Make Money
Estimating a construction project for bidding is a crucial task for any general contractor. Even though the project is awarded to the lowest bidder, the bid must be accurate. Once you have added up costs from insurance, licensing, transporting, and labor, add your markup to make a profit.
Know Your Bid-Hit Ratio
The bid-hit ratio is the rate at which you successfully bid on projects. For example, a two to one bid-hit ratio means for every two jobs you bid on, you are awarded one. Do you know your bid-hit ratio?
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.