Bid amount
The amount of money asked for in an offer.
The bid amount represents the total price a contractor proposes for completing a project. It includes direct costs, indirect costs, and the desired profit margin. Accurately estimating the bid amount is critical to winning contracts and maintaining financial health.
Used in a sentence
The bid amount was calculated based on the project's estimated costs and profit margin.
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Learn MoreLearn more about Bid amount
Qualifications-Based Selection: Prioritizing Expertise over Initial Cost
For large or complex construction projects, owners and public agencies often use qualifications-based selection (QBS) to prioritize experience and capability over merely selecting the lowest bid. QBS involves owners choosing architectural and construction firms that are most qualified for the work based on their relevant experience, track record of success and proposed approach to the […]
Understanding Subcontractor Bid Packages in Construction
Construction bid packages can have a cascading impact on the success of a construction project. The quality of a bid project may affect the quality of the bids, which in turn can impact the project budget and the final outcomes of the work. This article will discuss the importance of bid packages in the contractor-subcontractor […]
Winning Bids with BIM: Marketing the Benefits to Owners
Creating a 3D model of a construction project is becoming more common but, that doesn’t mean that all projects leverage BIM – or, that all companies are using BIM in the same ways. Most construction firms with a BIM manager, or some other dedicated modeling department, will model at least part of the project. The added […]
Mastering Construction Bid Templates to Simplify the Process and Win More Work
Every construction project is different. Different set of challenges, timelines, key players, etc. Because every project is different, what project owners need to know from a bid will differ based on the project at hand. In order for contractors to know what information an owner needs to know, owners need to provide contractors a bid […]
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