Term
| What are the 2 ways of securing a contractor for a project? |
|
Definition
1. negotiated contract
2. bid contract |
|
|
Term
| What are the 2 ways of advertising for a bid? |
|
Definition
1. in newspapers and trade journals
2. an invitation to bid |
|
|
Term
| What is an Addendum in the bidding process? |
|
Definition
| it is a written or graphic doc. issued by the interior designer before the execution of the contract that modifies or interpetes the bidding docs. by additions, deletions, clarifications, or corrections. |
|
|
Term
| What are the 4 things an owner can do if the bids exceed the project budget? |
|
Definition
1. to rebid (or renegotiate if it is a negotiated contract)
2. to authorize a increase in the construction cost and proceed with the project
3. to work with the interior designer in revising the scope of the project to reduce costs.
4. to abandon the project. |
|
|
Term
| What do bid documents usually include? |
|
Definition
1. the advertisement or invitation to bid
2. instruction to bidders
3. bid forms
4. bid security information
5. requirements for a performance bond, if required
6. requirements for a labor and materials payment bond if required
7. drawings & specs
8. general and supplementary conditions of the contract
9. Addenda
10. form of agreement between owner and contractor.
the following can also be included but are not as tyipical.
1. qualification forms
2. subcontractors list
3. requirements for certificates of insurnace and compliance with applicable laws and regulations
4. information available to bidders, such as drawings fo existing construction. |
|
|
Term
| What do the instructions to bidders usually include? |
|
Definition
1. Consideration of bids
2. Bidders' representation
3. bidding documents
4. substitutions
5. bonds
6. interpretation or corrections of bidding docs
7. addenda
8. modification or withdrawal of bid
9. post-bid information |
|
|
Term
| What should be on a bid form? |
|
Definition
1. amount of base bid
2. pricing for alternates
3. unit prices
4. number of calander or work days in which the bidder proposes to complete the project.
5. provide space for contractors to acknowledge receipt of any addenda
6. signature line for someone legally empowered to bind the contracor to the owner in the contract. |
|
|
Term
|
Definition
| is used to ensure that the successful bidder will enter into a contract with the owner. The form of the bid security may be a certified check, cashier's check, or bid bond. |
|
|
Term
| What is a performance bond? |
|
Definition
| it is a statement by a surety company that obligates the surety company to complete construction of the project should the contractor default on his obligations. |
|
|
Term
| What is a labor and material payment bond? |
|
Definition
| This protects the owner against a contractor that had defaulted and pays for the labor and materials that have been orderd or used durring a project. |
|
|
Term
| How can the designer and owner control cost? |
|
Definition
1. understanding the bidding marketplace
2. with drawing and specification documents
3. having alternates
4. getting unit pricing on certain items
5. allowances |
|
|
