Definition
Bidding is a process of submitting a formal proposal or bid to complete a specific project or tender.
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Contractors use this information to prepare and submit their bids, competing to be awarded the contract.
Steps to Submit a Proposal:
Cost Estimation
The contracting company assesses all elements required to deliver the project—this includes project, including 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 ERP facilitates this process through the following straightforward steps:
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Lead - (The initial client inquiry or opportunity is identified.)
Projects (Register the Project) - Create a new project entry based on the lead.
Project Estimates (Estimate cost of services, resources, materials)
Assess and input expected costs for services, manpower, materials, etc.
Quotation (Generate quotation with markups)
Prepare a client-facing quotation, applying necessary markups to the estimates.
Revision (Refine and resubmit if needed)
Adjust and resend the quotation based on client feedback or internal updates.
See also:
1.5. Estimation templates.
1.6. Suppliers comparison.
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