Financial Accounting > Presentation > BBA 111 112 Advance Financial Acc_Contractor Selection (All)

BBA 111 112 Advance Financial Acc_Contractor Selection

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Contractor Selection Prospective Bidders and Bidding • Selection of Contractor is important as successful completion of project is highly dependent on Contractor • The owner/designer must depen ... d on the Contractor to provide labor, equipment and material • Contractor also brings know-how to build the project in accordance with the plans and specifications• If Contractor has problems, everyone has problems • The owner requires the prospective contractors to provide a bid bond before a bid is accepted • Before award of the Contract, most owners require the Contractor to submit a performance bond, material bond, labor payment bond• All bonds are supplied by the Contractor to the Owner before commencing construction in the field • Pre-qualification process that evaluates their record of experience, financial capability, safety report and general character and reputation in the industry • For competitive BID projects at least three bids should be received to provide a representative comparison of costs• Bidding time is important, should be adequate • Changes during bidding stage known as addendums may discourage Contractors • Pre-Bid conference should be held to clarify any unique aspects of a project [Show More]

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