Surya Group’s Post

When will be the bid bond returned to the bidders? As a contractor, it is essential to understand when you'll receive your bid bond back. According to industry standards, unsuccessful bidders should expect to have their bid bonds refunded once the client selects a qualified contractor. It's important to note that a bidder cannot be referred to as a "contractor" until a contract is awarded. After the client's selection, the contractor will submit a performance bond before receiving their bid bond back. Keeping up with industry norms is crucial for a smooth bidding process. #BidBonds #ContractorSelection #IndustryStandards #IndustryStandards #BiddingProcess #Contracts #BidBonds #PerformanceBonds #quantitysurveyor #estimator #contractmanagement #civilengineer #projectmanager #constructionindustry #constructionclaims #contractsmanagement #procurement #Claimnotifications #EPC #engineeringconstruction #arbitration #mediation #FIDIC

🚧 Avoid the 4th Biggest Tendering Mistake! 🚧 Failing to verify bid details can cause project delays and budget overruns. Ensure all quantities and prices are accurate before finalizing contracts. Double-checking bids saves time, money, and prevents headaches. Implement a thorough review process to maintain project integrity and build trust with your contractors. Are you ready to boost your construction firm's efficiency? 👇 https://hubs.li/Q02zg7Wm0 Book a demo at the link above to see how we can help! #TenderingTips #ConstructionManagement #BidVerification #ContractComplete

A subcontractor's chance of winning a bid is often less than 7%. This startling statistic reveals a lot about: → the inefficiencies in our industry's traditional bidding process. Let's break it down: → Typically, at least 5 General Contractors (GCs) bid on each job → Each trade has a minimum of 3 subcontractor bidders → Subcontractors are pre-qualified and only invited to bid on jobs they can perform → Bids can be disqualified for numerous reasons This system, while competitive, raises some serious questions: → Are we really getting the best value, or just the lowest price? → How much time and money are wasted on unsuccessful bids? → Does this process encourage innovation and quality, or just cost-cutting? Perhaps it's time we rethink this outdated approach. What if we focused more on collaboration and building the best team for each project, rather than simply choosing the cheapest of many prices for a scope? This shift could lead to: → Better project outcomes. → Stronger industry relationships. → Efficient use of everyone's time and resources. What's your experience with the bidding process? Have you seen alternative approaches that work better? *** P.S.: Ready to take your next construction project to the next level, → we're here to help. Contact us today to learn more about how we can bring your vision to life.

🚧 Avoid the 4th Biggest Tendering Mistake! 🚧 Failing to verify bid details can cause project delays and budget overruns. Ensure all quantities and prices are accurate before finalizing contracts. Double-checking bids saves time, money, and prevents headaches. Implement a thorough review process to maintain project integrity and build trust with your contractors. Are you ready to boost your construction firm's efficiency? 👇 https://hubs.li/Q02zg28q0 Book a demo at the link above to see how we can help! #TenderingTips #ConstructionManagement #BidVerification #ContractComplete

Are you making the third mistake in tendering? It's not conducting a bidder's meeting. How many times have you heard, 'Oh, I didn't include that in my price'? Or thought to yourself, 'You submitted a bid without visiting the site?' 🤔 You need to conduct a mandatory bidder's meeting. Here's why: 1️⃣ It ensures bidders are serious about bidding the work. 2️⃣ It ensures they're aware of current site conditions and critical project details. During the meeting, discuss access points, timelines, client expectations, and anything unusual about the project that could impact pricing. Pro tip: Call the bidders to ensure they know about the meeting or send a calendar invite a week before. Good contractors are busy and might miss your email. Confirm if the meeting is mandatory, and stick to it. If some contractors don't show up, don't allow them to submit bids. Your goal is to get all bidders to the site to understand the scope fully. This strategy minimizes conflicts during the construction phase. Don't skip this crucial step! 👍 #TenderingTips #ConstructionManagement #BidManagement #ContractAdministration #ConstructionTech #ContractComplete

Some companies love accepting low bids. But what happens when the low bid costs you more money over the long term? It’s not just the bid cost. It’s also the amount of time it costs your team to chase down documents, work with non-performing subcontractors, and other elements that can increase your overhead. A low price can often come at the expense of an extended schedule. Will accepting the low bid actually save you money in the long run or... Will it hurt your project? Think about it before you do. #GeneralContractor #ConstructionLeadership #Construction #ConstructionIndustry #ConstructionSoftware

Are your project delays and budget overruns driving you crazy? Imagine having precise, reliable estimates that help you make informed bidding decisions and keep your projects on track. At Precon Consult, we specialize in providing accurate estimation and takeoff services, saving you time and money while enhancing project efficiency. Don't let inaccurate estimates hold you back. Contact us today to streamline your bidding process and improve your project outcomes. #Contractors #Subcontractors #ProjectEfficiency #ConstructionProjects #AccurateEstimations #ConstructionSuccess

When you are hard bidding a project, make sure that you share bidders questions with all participating GC's. If not you may end up having GC's bidding completely different scopes of work. Transparency creates accountability! #commercialconstruction #commercialrealestate #realestatedevelopment

Contract Structure & Bidding: From the perspective of a general contractor, the anticipated contract structure does dictate, to some degree, how the bidding phase will unfold. For example, if the contract is to be a stipulated sum or fixed price, there will most likely be less transparency into how that final number was produced. Typically it would be after a contract is awarded that those details may be shared with a client.

In the competitive world of construction, precision in bid estimation is not just a necessity; it's the difference between winning and losing contracts. Our approach to ensuring our clients outshine their competition involves a blend of technology, market insight, and a meticulous attention to detail. Share this with peers in your network who aim to elevate their bidding strategy. #ConstructionEstimating #ConstructionBids #ProjectManagement #DigitalMarketingInConstruction #ContractorsLife #Subcontractors #ConstructionTech #BiddingStrategy #PreconConsult #ConstructionIndustry