Addendum
An addendum updates contract documents before bid due dates, ensuring fairness by providing all bidders with current information.
Basis blog
Get insider tips on transforming bid management from our team of construction tech experts. We share the latest on optimizing workflows, product features, and scaling growth with BasisBoard's all-in-one bid platform.
Bid Board
4 non-obvious ways to improve your bid board
The article provides four innovative strategies to enhance bid board efficiency, focusing on tracking essential information, reducing manual data entry with online tools, and centralizing email inboxes.
January 5, 2024
Bid Board
8 metrics that drive revenue growth in estimating
The article discusses eight key performance indicators (KPIs) for subcontractor estimating teams, focusing on improving business outcomes and estimating efficiency..
January 5, 2024
Bid Board
Bidding report cards
The article discusses a framework for subcontractors to evaluate bidding strategies, focusing on metrics beyond win-ratio and revenue, and advises on how to use these insights for growth.
January 4, 2024
Bid Board
How estimating emails kill specialty subs
The article explains how overloaded estimating email inboxes impact the productivity and profits of specialty subcontractors, emphasizing the need for effective email management solutions.
January 4, 2024
Bid Board
Introducing BasisBoard: the new bid board that saves you hours each day
The article introduces BasisBoard's new bid board, designed to save construction contractors hours each day by streamlining bid tracking and coordination.
January 4, 2024
Bid Board
Introducing the new and improved List View
BasisBoard's improved List View offers efficient bid invite management with features like inline editing, bulk updates, and project filtering.
January 4, 2024
Bid Board
RTG Contractors cuts 3 hours of data-entry with Basis
RTG Contractors reduced daily data entry by 3 hours using our bid board, streamlining bid management and improving focus on important tasks.
January 4, 2024
Bid Board
How subcontractors can use data to improve hit-ratio
This article discusses how subcontractors can improve their hit-ratio using data. It highlights the significant impact of small increases in hit-ratio on profits and overhead costs.
January 5, 2024
Bid Board
Negwer Door Systems eliminates messy spreadsheets for tracking bids
Negwer Door Systems revolutionizes bid tracking by replacing inefficient spreadsheets with a streamlined, data-driven approach, enhancing accuracy and productivity in bid management
January 5, 2024
Bid Board
4 tools for trade contractors to start remote work tomorrow
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Bidding Glossary
If you’ve read anything about bidding before, you’ll know there’s lots of industry jargon. But to keep things simple for now, here are a few key terms and concepts you should know.
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Best Value Method
A procurement method focusing not just on the lowest bid but on the best value for money. It's important for ensuring quality, functionality, and efficiency in construction projects.
03
Bid Bond
A financial guarantee that a bidder on a construction project will enter into the contract at the bid price. It's important for ensuring the seriousness and commitment of the bidder.
04
Bid Package
A set of documents provided to potential bidders detailing what is required for a construction project. It's crucial for ensuring that all bidders have the same information and understanding of the project.
05
Bid Selection
The process of choosing a contractor for a construction project based on their bid. It's important for ensuring the project is awarded to the most suitable, efficient, and cost-effective bidder.
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Bid Tabulation
A document that lists all the bids received for a project and their details. It's important for transparency and fairness in the bid selection process.
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Bid-Hit Ratio
A metric representing the number of successful bids divided by the total number of bids submitted. It's important for assessing a contractor's competitiveness and effectiveness in winning projects.
08
Bid
A proposal by a contractor or supplier to perform work or provide materials at a certain price. It's the fundamental element of the competitive bidding process in construction.
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Bidder Qualifications
The criteria set by a client to determine if a bidder is capable of successfully completing a project. It's important for ensuring the quality and reliability of the selected contractor.
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Bill of Quantities (BOQ)
A document listing the quantities and types of materials needed for a construction project. It's important for budgeting and ensuring accurate procurement of materials.
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General Contractor
A contractor responsible for overseeing a construction project and hiring subcontractors. The general contractor is key for ensuring the project is completed on time, within budget, and to quality standards.
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Cost Plus Contract
A contract where the contractor is paid for all construction-related expenses plus a specific agreed-upon profit. Important in scenarios where scope is not well-defined, allowing flexibility but requiring careful cost control.
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Construction Drawings
Detailed drawings and specifications used in the construction of a project. They are essential for accurately conveying the design intent, ensuring that the construction is carried out according to plan.
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Contractor
An individual or company contracted to perform construction work. Contractors are crucial in turning design plans into physical structures, ensuring the work is completed efficiently and to the required standard.
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Design-Bid-Build Contract
A project delivery method where one entity designs, contractors bid, and the selected contractor builds, ensuring clear design-construction separation and competitive bidding.
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Estimate
An approximation of the cost of a construction project. Accurate estimates are crucial for budgeting, bidding, and financial planning in construction.
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Field Measure
The process of measuring conditions at a project site. Accurate field measurements are crucial for ensuring that construction elements fit precisely and according to design.
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Guaranteed Maximum Price (GMP)
A contractual agreement where the contractor is compensated for actual costs up to a ceiling price. GMP is important for providing cost certainty to the owner and incentivizing efficient cost management by the contractor.
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Inclusions
Items or services that are included within the scope of a contract. Understanding inclusions is crucial in construction to clarify what is provided by the contractor and avoid misunderstandings.
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Invitation for Bid (IFB)
A formal invitation to contractors to submit a bid on a project. It's a crucial step in the procurement process, ensuring competitive bidding and transparency.
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Leveling
The process of making a surface or foundation level and even. In construction, proper leveling is essential for ensuring structural stability, preventing uneven settling, and ensuring proper drainage.
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Low Bid Procurement
A procurement method where the contract is awarded to the lowest responsive and responsible bidder. Low bid procurement is important for promoting competitiveness and cost-effectiveness in the construction bidding process.
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Low Bid
The smallest bid offered in a competitive bidding process. In construction, the low bid is often, but not always, chosen for contract awards, balancing cost with quality and capability considerations.
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Lump Sum Contract
A contract where the contractor completes the project for a fixed price, offering cost certainty to the owner but requiring precise estimation and risk management.
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Negotiated Contract
A contract where terms, conditions, and prices are settled through direct negotiation between parties, rather than competitive bidding. It's important in construction for enabling flexibility and potentially faster agreement on complex projects.