Advantages And Disadvantages Of Tender In Construction
INTRODUCTION
The construction sector is a vital part of many developing and developed nations including India; construction tender plays a vital role in India’s economy and it contributes to the country’s GDP as a lot of population in our country get their livelihood from construction because they work as construction labour on sites getting their daily wages from it. For doing construction work one has to fill a tender to show interest that the contractor is interested in executing the said works. Every contractor has to fill a tender in order to get the work, after that the client has the option of choosing from the number of contractors who bid on the client’s tender. Tender is often floated in the newspaper so that everyone knows there is a tender available and they
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• Tender brings together the money, time and other conditions needed to carry out the works which are mentioned in the contract
• Tender in construction means that it legally binds both the parties so that they legally perform the liabilities that has been bestowed upon them by the contract, the contract lays that the contractor will perform his duties and the client will pay for the work done by the contractor.
• While preparing tender document the first essence is the budget of the client and time duration required to execute the works and climatic conditions accordingly consultant specifies all sections of works to be executed
PRINCIPLES OF TENDERING
The sole purpose of the principle of tendering is that it forms a framework and guidelines of how to draw a tender. The principles mentioned below can be applied in any construction project and thus are universal in nature for construction industry
Basic principles are as follows:-
• Everything in the tendering process should be conducted with utmost
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