During what period can a contractor withdraw the bid without penalty?
Q: Describe the two stages involved in pricing an estimate.
A: Pricing of estimate is defined as the approximate calculation of cost of the project. The…
Q: Describe the procedure of avoiding the unbalanced bid problem?
A: An unbalanced bid:
Q: Smith’s advertisement for bids on the construction of a sewage-disposal plant stated: “$500 per day…
A: Given: Smith gave advertisement for bids on the construction of a sewage-disposal plant…
Q: Differentiate between two major tendering processes in term of (identification, advantages and…
A: Two major tendering process are as follows :- Selective Tendering Open Tendering
Q: What means are available to a contractor bidding a unit-price project for recovery of “General…
A: Front loading bids, unbalancing bids to retrieve mobilization costs. Owners set lump sum amounts for…
Q: What are the side effects of change orders on the the contractor's cost?
A: The nature of construction projects is complex and unpredictable, where lots of factors and…
Q: Give the guidelines in case you suspect the existence of a serious imbalance in the lowest bidder's…
A: Guidelines in case you suspect the existence of a serious imbalance in the lowest bidder's…
Q: What should an estimator do when a bid is received from a subcontractor with a very low price,…
A: When the tender is released for the subcontractor to make bids, each contractor tries to reduce the…
Q: If a contractor was selected based on his best price and best technical aspects from his bid…
A: Hi! Thank you for the question As per the honour code, We’ll answer the first question since the…
Q: Why is the contractor normally required to submit a bidbond when making a proposal to an owner on a…
A: A bid bond is indeed a form of building bond which, in such a building bidding phase, covers the…
Q: What is meant by unbalancing a bid? What type of contractis implied? Give an example of how a bid is…
A: Unbalanced bid is when contractor quotes high prices some items and low prices on some items while…
Q: List three general reasons why actual costs may exceed estimated costs on a lump-sum contract.
A: The general reasons due to which the actual costs may exceed estimated costs on a lump-sum contract…
Q: If a contractor built in a project contingency of $100,000 on a job and this was not itemized in the…
A: Contingency- It is an amount that is added to the estimate to cover any unexpected expenditure. I is…
Q: How are the bidder's errors interpreted?
A: The Bidder's Error are interpreted in following ways : 1. When the the rates of the bidder's…
Q: How is the Electronic Bid package provided?
A: Construction bidding is the process of submission of tender (proposal) by the contractor to the…
Q: Discuss the importance timing in the tendering process
A:
Q: Explain how an estimate is priced in two phases
A: Introduction: Estimated pricing is defined as an approximation of the project's cost. The…
Q: Is it a good idea to utilize cost-loaded CPM for contractor progress payments on unit-price…
A: The cost-loaded schedule comprises the works that have been ordered and spread throughout the…
Q: In what way a contractor will be able to benefit from a particular type of equipment he will…
A: The contractor will be able to benefit from a particular type of equipment he will purchase even if…
Q: On lump-sum contracts, what are the two methods available toutilize a PC computer in determining…
A: Lump-sum contracts : In lump sum construction contract, contractor fix a single fixed price for all…
Q: Who provides performance and payment bonds?
A: For several construction projects a payment bond is needed.
Q: Why is there a need for a statement of the prospective bidder of all its ongoing government and…
A: Solution: There is the need for the statement as:
Q: At which point in the bid process are errors most likely to occur? Explain why.
A: The part of the process that is most likely to produce the most errors during the entire bidding…
Q: An owner can protect themselves from a failure of the low bid contractor to live up to their bid by…
A: Bid bond is legal agreement that protects the owner from failure of low bid contractor by…
Q: What are the objectives of, and who should attend, the pre-bid review?
A: the purpose of the pre-bid review is to get the input of other experienced construction managers and…
Q: Why is it often difficult for an estimator to prepare a cost breakdown with the bid?
A: (1) Resources constraints (2) Insufficient time available (3) adverse environmental conditions (4)…
Q: What is the usual function of unit prices when they are required to accompany a lump-sum bid?
A: Answer:- Lump- sum bid: It is that where contractor is required is quote his/her lump sum rate to…
Q: Of all the prices that are contained in a contractor’s bid, which items hold the most risk for the…
A: Accurate estimating is important to the profitability of a construction company. If the job is…
Q: What is the proper method of responding to bidder inquiries during the bid phase of a project?
A: The addendum is a document added to back up the original document information, change the original…
Q: How can the unbalanced bid be detected?
A: Unbalanced bidding is a phenomenon common to both lump sum and unit price contracts.
Q: List the processes of preparing bid estimates and briefly describe or explain each one.
A: A construction company's profitability is dependent on accurate estimation. If a task is…
Q: What would be the result of failure to agree on change order pricing?
A: A change order is a work that has been removed or attached to the original contract of work, but…
Q: Long-term contracts? Multiple Choice increase transaction costs. reduce incentives for…
A: There are different types of contracts which are used to finish a project. Some of them are on the…
Q: What is a nonresponsive bid?
A: If a vendor's bid fails to meet the essential invitation criteria or does not confirm the substance…
Q: What is one of the most common causes of contractor claims?
A: There square measure several quite conflicts occur in construction industry between the parties that…
Q: How can the problem of the unbalanced bid be resolved?
A: An unbalanced bid occurs when a contractor moves his expenses for one aspect of the work into his…
Q: Differ between the unit price contract and contract price?
A: The contract which is made upon the basis of estimation of the unit price of materials used in the…
Q: Who asks the contractor to forward the pricing change orders and why?
A: A change order is a record that explains changes in the development scope, plan, site conditions, or…
Q: What are two or three things that might have been in a bid submittal that might result in the bid…
A: The following might lead to declare the bid as non-responsive:
During what period can a contractor withdraw the bid without penalty?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A successful contractor bidding for a project is required to engage an bond by the client. Discuss reasons for the requirement. insurance/performanceWhat is the purpose of the notice to bidders?Is the final amount paid to a contractor under a unitprice contract limited by the quantities of materials or work shown in the original Bid Schedule?
- What is the difference in between of bid bond and face value in bidding process ? (or in real Construction project )Explain difference between “Escalation and Liquidated Damages”. Write how site conditions affecting tender price.True or False? One option for competitive bidding is a lump sum proposal; one option for negotiated bidding is a cost + fee+ GMP proposal.
- True or false? Within those jurisdictions where public contracts are subject to “Fair Subcontracting Laws” to prevent bid shopping, each bidder is required to list its subcontractors as a part of its bid.What means are available to a contractor bidding a unit-price project for recovery of “General Conditions Work” (mobilization, bonds, insurance, cost of permits, and other preconstruction expenses)?Why do some contractors include “bid clarifications” with their bid even when they risk having their bid rejected by doing this?
- 6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.when doing a Bill of Quantity (BQ) for a tendering should all the cost of the items be included in the BQ. (I want to understand how the bill of quantity works in the tendering/ bidding process, and how it should look.T or F The Owner's level of risk, as well as their level of control, is highest on a Design-Bid-Build (Separate contracts) project. T or F Both Fixed Price and Cost Reimbursement contracts may be issued with Incentive clauses T or F Cost Reimbursement contracts are favored over Fixed Price contracts when the scope is indeterminate, the risk is high and/or availability of resources is uncertain T or F Design-Build is known as “Traditional" contracting T or F Privately financed contracts account for 70 – 80% of total construction volume.