Defenition
Bidding is a process of submitting a formal proposal or bid to complete a specific project or tender.
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Cost Estimation
The contracting company assesses all elements required to deliver the project—this includes labor, materials, equipment, and other direct and indirect costs.Applying Markups
After calculating the base cost, the company adds markups for profit, overheads, and any evaluated risks or contingencies.Issuing the Quotation
A detailed quotation is generated, presenting the final bid price to the client or tendering authority.
In FirstBit
FirstBit Contracting ERP facilitates this process through the following straightforward steps:
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