Chapter 7 - Estimating steel + Bid closing Flashcards
What is the first step in closing the bid?
Generate an estimated summer sheet
What should be included in a bid form? No need to remember everything
1) The name and address of the project
2) The identity of the owner
3) The identity of the bidding contractor
4) A description of the work to be done
5) A list of the bid documents
6) A list of addenda
7) The bid price
8) The duration or a completion date of the project
9) A declaration with respect to the period of validity of the bid
10) The signatures/seal of the bidders (duly witnessed)
o The time, date and place of the bid
What are alternates?
Altentanitve prices - Quotes for proposed changes in the specifications
W18x55; Grade 50. What does each unit represent?
W - Wide Flange
18 - Depth in inches
55 - Weight in pounds per foot
Grade 50 - Yielding strength
What needs to be determined while estimating joists?
Their number, length and weight.
What are Allowances? Explain the 2 types
Type 1 ) A stipulated sum - money added to a bid, to be expended on a specific work item on the project.
Type 2) Contingency sum - fund available for a broader purpose
What is a Bid security/bond?
Used to guarantee that if the bid is accepted within the time specified for acceptance of bids, the contractor will enter into a contract and provide the necessary bonds to the owner.
What includes in overhead cost?
All the expenses besides the project cost, For example:
Office utilities, maintenance and cleaning.
Company travel and entertainment costs.
Accounting, executive salaries and benefits.
Overhead is the minimum fee a contractor needs to obtain from each project
What affects the profit markup?
1) The construction market and the expected competition for the project
2) The contractor’s desire for and capacity to handle more work
3) The desirability of the project under consideration
Which items hold the most risk for the contractor?
1) Productivity of the workforce
2) Project duration
