A bid package is a set of documents prepared by a construction project owner that provides potential bidders all the necessary information and details about the project, often including designs, drawings, specifications, scope of work, and contract terms.
The package is part of the bid solicitation process and serves as a primary tool for contractors to submit their bids for the construction project, ensuring that all bidders are bidding on the same information, and providing a fair and transparent bidding process.
Bid packages allow project owners to more effectively compare bids from different contractors, ensuring that the bid selection process results in the most suitable contractor for their project. It also helps the contractor to understand the scope of work, budget, and timeline of the project before submitting their bids, preventing any discrepancies or misunderstandings that may lead to delays, disputes, or budget overruns.
Related Terms: Bid Selection, Bid, Bid Solicitation
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