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.
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:
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.
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FirstBit Contracting ERP supports this process by the following simple steps:
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.
1.7. Project item pricing.