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The traditional procurement method is the most common construction delivery method. This process begins with an owner selecting an architect to prepare construction documents. These are prepared using drafting standards such as the NEC Engineering and Construction Contract or (formerly) the Institution of Civil Engineers ' (ICE) Conditions of ...
A bill of quantities is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are itemized.It also (ideally) details the terms and conditions of the construction or repair contract and itemizes all work to enable a contractor to price the work for which he or she is bidding.
A request for proposal (RFP) is a form of reverse auction that solicits a business proposal by an organisation interested in the procurement of a service or product from potential suppliers. [1] It is usually part of a complex sales process, and made through a bidding process. [citation needed]
Construction cost management is a fee-based service in which the construction manager (CM) is responsible exclusively to the owner, acting in the owner's interests at every stage of the project. The construction manager offers impartial advice on matters such as: Optimum use of available funds; Control of the scope of the work; Project scheduling
A construction general contractor or subcontractor must normally prepare definitive cost estimates to prepare bids in the construction bidding process to compete for award of the contract. Although many estimators participate in the bidding and procurement processes, those are not a necessary function of cost estimate preparation. Earlier ...
Sustainable procurement or green procurement is a process whereby organizations meet their needs for goods, services, works and utilities in a way that achieves value for money on a life-cycle basis while addressing equity principles for sustainable development, therefore benefiting societies and the environment across time and geographies. [39]
After the RfQ process, professional procurement organizations have to compare the quotations, and try to get the best price for the job (by negotiations, or by conducting an e-auction (a reverse auction or a ticker auction). Aim is to determine the fair market value of the goods or services and thus generate savings for the company.
The procurement process is subject to legislation and regulation separate from the authorization and appropriation process. These regulations are included in the Code of Federal Regulations ("CFR"), the omnibus listing of Government regulations, as Title 48. Chapter 1 of Title 48 is commonly called the Federal Acquisition Regulation ("FAR").