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Bidding is submitting a proposal or bid to complete a specific project.

It includes project scope, requirements, deadlines, and evaluation criteria. 

Contractors use this information to prepare and submit their bids, competing for the opportunity to be awarded the contract.

To submit a proposal for any tender, a contracting company needs to estimate the required cost to deliver this work. 

After the cost is estimated, the contracting company usually adds its markups for evaluated services to issue a quotation with prices.

Definition

Bidding is submitting a formal proposal or bid to complete a specific project or tender.

Each bid typically includes:

• • Project scope

  • Requirements

  • Deadlines

  • Evaluation criteria

Contractors use this information to prepare and submit their bids, competing to be awarded the contract.

Steps to Submit a Proposal:

1. 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.

2. Applying Markups
   After calculating the base cost, the company adds markups for profit, overheads, and any evaluated risks or contingencies.

3. Issuing the Quotation
   A detailed quotation is generated, presenting the final bid price to the client or tendering authority.

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In FirstBit

FirstBit Contracting ERP supports ERP facilitates this process by through the following simple straightforward steps:

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2.1.Lead  → 3.1.1 Projects → 3.2.1.Project Estimates → 4.1.Quotation → 3.2.1.5.Revision

See also:

1.5. Estimation templates.

1.6. Suppliers comparison.

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1. Lead  (The initial client inquiry )

2. Projects (Register the Project) 

3. Project Estimates (Estimate cost of services, resources, materials)

4. Quotation (Generate quotation with markups)

5. Revision (Refine and resubmit if needed)