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16 Cards in this Set
- Front
- Back
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Invitation to Bid |
Published in trade publication & newspaper by owner |
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Notice to Contractors |
Provide contractors with the bidding procedures |
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How contract bid is prepared? |
1. Contractor Obtains plans & specs from owner 2. Contractor reviews, plans, and specs to determine how to build the project 3. Contractor solicits, bids from subcontractors and evaluates, material, labor, and potential profit from the contract. 4. The owner reviews all bids and awards contract 5. The contract documents and specs contain the project start and completion dates. 6. The agreed-upon bid price, then becomes the budget by which the actual expenditures are measured and drawn against. |
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Competitive bid |
Issuer awards contract to the lowest price bid |
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Lump sum bid |
Comprised of a won total price to complete all of the work |
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Unit price bids |
The contractors price per unit multiplied by the total quantity to create the total cost for each major item of work |
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Fixed price contract |
Contractor required to perform work at the agreed price with no additional adjustments to cost |
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Cost plus fee contract |
Normally negotiated between the owner and the contractor. The owner pays actual cost of construction plus an additional amount based on a fixed percentage of the projects cost. |
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Addenda |
Documents and addresses changes or modifications to the contract that involve during the bidding process. This includes answers to questions, errors or changes. |
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Substitutions |
Process in which bidders request to use components other than the one specified. Approval results in an addendum, sent to all bidders informing them of acceptable substitutions. |
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Alternate |
A request included in the bidding documents, and ask the contractor to provide a price for some type of variation from the base bid which allows for flexibility in project cost |
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Add-alternate |
Request to add to the base bid |
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Deduct alternate |
Request to reduce the base bed |
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Notice of award |
Written notice by the owner to the apparent successful, bitter, stating that a punk compliance by the better with the Conditions presented in the notice the owner will sign the agreement |
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Notice to proceed |
Written notice from the owner to the contractor that establishes the date on with the contract shall begin performing it’s duties and obligations as outlined in the contract documents |
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Lump sum bid |
Comprised of a one, total price, to complete all of the work |
