Low bid
A contract awarded to the contractor who submits the lowest price meeting project requirements.
The low bid is the lowest price offered by a contractor, often a key criterion in traditional procurement methods but may not always ensure the best quality or service.
Used in a sentence
Selecting the low bid can be risky if quality or service is compromised in the process.
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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 […]
How To Improve Your Bid-Hit Ratio: 5 Strategies To Deploy
The bidding process is a necessary part of the construction game for any general or specialty contractor. Without bidding jobs and getting awarded contracts, the company doesn’t have a way to make money. As the old saying goes, though, bidding is proof that you need to spend money to make money, particularly during preconstruction. The […]
How Pre-Bid Meetings Impact Construction Bidding
Deciding to bid on construction jobs is not a decision contractors take lightly. There are many factors to consider in what constitutes the “right” project. Location, project type, available resources and other project details each play a role in deciding whether to get involved. Pre-bid meetings, also known as pre-bid conferences, are a great way […]
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