Advice for Successfully Bidding on Construction Projects
Contractors bid on numerous projects. Therefore, understanding a few things can make the bidding process go smoothly and in your favor. Here an Orlando construction attorney presents advice for successfully bidding for your construction project.
Keep it Simple
Simple language will allow you to get a meeting with the client and hopefully a contract. Keep your bid simple, 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 the pages and bind everything. Ensure that every piece of paper is justified and has a specific purpose.
Watch Out for That Due Date
Know the due date for all bids. Don’t wait to send in your bid keeping in mind how long it may take to process and mail out.
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, you must submit an accurate estimate. After 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 states for every two jobs you bid on, you are awarded one. Do you know what yours is? To come up with your bid-hit ratio track the projects you bid on.
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.