What does it mean to have no bid contract?

No bid contracts – seems a contradiction of terms and their other name “sole source contract” sums it up even more. It is a contract where only one company is being considered for the contract to undertake the work.

Is the contractor’s bid an enforceable contract?

Instead, the bid is merely an offer, which the general contractor must act to accept if it wishes to form an enforceable contract. In short, there are no special rules of contract law applicable to construction bidding; the ordinary rules of offer and acceptance still apply.

Does the acceptance of a bid create a binding contract?

Finally, a contract arising from the acceptance of a bid does not eliminate the benefits of a formal written contract. A detailed, written agreement provides the parties the opportunity to fine tune the details of their respective obligations.

How is a project won in contract bidding?

These types of projects are often won through a bidding process that involves various entities vying for the work. Contract bidding can prove a lucrative track, but the bidding process can feel byzantine to those ignorant of its structure and process.

Can a public works contract be awarded after competitive bidding?

With some exceptions, public works contracts may be awarded only after having engaged in the competitive bidding process.

What are the different types of contract bidding?

Contracts can range from government work, which require a request for proposal (RFP), to long-term contract work as provider for a product or service to a larger conglomerate. Regardless of the type of contract, though, the steps towards bidding for that contract are relatively the same.