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Construction Project Management: Theory and Practice by Kumar Neeraj Jha

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8

Contractor’s Estimation of Cost and Bidding Strategy

Contractor’s estimation and bidding process, bidding models, determination of optimum mark-up level, bidding and estimation practices in Indian construction industry

8.1 CONTRACTOR’S ESTIMATION AND BIDDING PROCESS

The procedure of cost estimation explained in Chapter 4 is suitable mostly for small and medium projects, and that too, mostly from the owners’ perspective. For a contractor, the stakes involved are very high. The estimates should be as close as possible to the actual cost for a contractor. If the estimates are on a lower side, the contractor, even if he is likely to win the bid, may have to bear monetary losses at the time of execution. If the estimates are on a higher side, ...

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