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Protecting Payments During Construction Bidding | Expert Webinar

Payment rights begin at the bidding stage and set the tone for the entire project. Find out how to avoid payment issues from day one in this expert webinar. Get FREE help from lawyers and experts here: https://www.levelset.com/payment-help.... -What are the 3 different types of bidding? The most common is the competitive low bid. Under this selection process, the lowest responsive will be selected without consideration of relative qualifications of the betters. A bid is responsive if it moves to the requirements of the big documents and it's provided by a qualified contractor in the United contractor that meets the minimum qualifications described. The second type of bid competition that occurs is basically a best value competition. So in this case, the bidder that's going to be selected is the bidder that presents the best value in terms of both our amount of the bid and also qualifications. A final type of bid selection process that occurs is just solely based on qualifications. Under this bidding system the bogus is not only not on price generally but purely on qualifications. -How are qualifications considered in the bid process? As far as qualifications are concerned, a lot of bid packages will outline a minimum level of experience or a specific licensing requirements, bonding requirements or potentially some organizations will also require past proven record recommendation letters. -What are common types of design responsibility? Design-Bid-Build: the standard type of project where the project is designed by the owner or somebody retained by the owner. When you're bidding the project there's already a set plan and obviously you can pay careful attention to the plans. Designed-Build: you'd be responsible not only to build the project but also to participate in the design of that project. Integrated Project Delivery: you're going to have design responsibility, but you're going to share that responsibility with the prime contractor, the owner, and potentially somebody else getting responsibility for design. Public Private Partnerships: this is a type of project usually done on our longer term projects such as highways or sewers that are ongoing. In this case, you're going to be responsible, most likely for a portion of the design, but it will also be shared with the public owner. -What are the bid documents that are usually in a public works bid? Invitation to bid (also referred to as request for proposals): This document will usually contain general information on the scope of work, the bidding process, contact information, etc. Instructions for bidders: This is a roadmap for the bidding process and we'll outline the rules, qualifications and requirements for the bid. Bid forms: This is where you'll put in your information specific to your bid, including price, the information on you, your backgrounds potentially and required bond information or anything else required in the bid. Bid bonds: Most projects that require payment bonds, which is going to be the majority of public projects, they're also going to require a bid bond. It's important to look in the bid instructions or sometimes there's a separate document outlining what is required as far as a bid bond. And it's important to secure the bid bond if required because your bid most certainly won't even be considered if you don't secure one. Contract: If the project is public works, it's going to contain the contract and general and special conditions in the bid pockets. -How can I avoid payment issues from day 1? One of the best ways to avoid payment issues from the get go is to ensure that your bid is accurate and is going to make you money. The best way to do that is a properly calculated markup. -How do I calculate mark up correctly? Generally what we recommend is a calculating markup based on what's called the uniform markup. The first figure you're going to need to do this is last year's revenue. Next, you're going to want to estimate your revenue for the current year. Next, you also need to decide on what is your profit goal for the year. What percentage of revenue do you want to actually equal profit or your business? Finally we're going to need to predict overhead and overhead is going to be all of your costs that are in are not specifically attributable to any job and that's broken down into two different categories. -What are 2 different categories of overhead costs? Fixed overhead is going to be items like rent, utilities, payments for your license, things that are absolutely fixed for the year. Variable are going to be items variable overhead. It is going to be composed of items that are variable depending on the volume of projects you have, but still not specifically attributable to any specific job. Want to become a payment expert? Subscribe to get notified when new construction payment videos are uploaded: https://www.youtube.com/c/levelset?su...