Average-bid method—competitive bidding strategy

@inproceedings{Ioannou1993AveragebidMB,
  title={Average-bid method—competitive bidding strategy},
  author={Photios G. Ioannou and Sou-Sen Leu},
  year={1993}
}
The major drawback of the low‐bid method, often used for competitive bidding in the U.S. construction industry, is the possibility of awarding a construction contract to a contractor that submits, either accidentally or deliberately, an unrealistically low bid price. Often, such an occurrence works to the owner's and contractor's detriment by promoting disputes, increased costs, and schedule delays. To address this problem, other countries have adopted the average‐bid method and award the… CONTINUE READING

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