CON 367 Exam 2 Questions With Correct
Answers 100% Guaranteed Pass.
5 Main steps in Bidding Phase - Answer✔1. Bid package preparation
2. Issuing invitaiton to bids
3. managing the bid cycle
4. Bid recipient and opening
5. Notice of intent of award
Bid package preparation - Answer✔the documents that are available to bidders
EX: Drawings, specs, contracts, instructions to bidders etc.
** It is good practice to have a agency CM bid the package before sent out to GC's to find errors
Issuing Invitation for Bids (IFB) - Answer✔A advertisement to bid a project
Includes bidding information
- Bid Bond requirement
- Prebid conference
- Issue date
Bidder Prequalification - Answer✔Owners want to make sure that the contractor has the capacity
and ability to complete the work
Two main ways for of Prequalification - Answer✔1. Screening contractors before issuing the bid
package
2. Contractor applies for prequalification. If accepted by owner the contractor needs to submit
"prequalificaiton certificate" with its bid.
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, Managing the Bid Cycle - Answer✔Making sure that the bid cycle is smooth for contractors.
Prebid Conference:
Explain technical aspects of the project as well as the supplementary conditions, bidders bring up
potential problems such as inadequate bidding time.
Site Visits
Addenda
Bid Receipt and opening - Answer✔in public projects this is a formal procedure set by regulation
The procedure of submitting a bid for careful review
Notice of intent to award - Answer✔Whoever is awarded the bid. Usually the lowest price,
responsible bidder
Notice states that the bidder needs to furnish a performance
Bonds - Answer✔A financial obligation to assure payments will be made.
Issued by a surety. Surety company thoroughly analyzes contractor before issuing them a bond.
Provides a extra level of financial resource behind the contractor, a place the owner can turn to if
the contractor cannot meet contractual agreements through their own assets
Penal Sum - Answer✔The limit of a Surety's company liability under a bond.
Tripartite relationship - Answer✔Principal: Contractor
Obligor : Surety
Obligee: owner
Bid Bond - Answer✔The obligation states that the principal will honor its bid.
Performance Bond - Answer✔the obligation states that the principal will complete the project in
accordance with the project documents.
2|Page
Answers 100% Guaranteed Pass.
5 Main steps in Bidding Phase - Answer✔1. Bid package preparation
2. Issuing invitaiton to bids
3. managing the bid cycle
4. Bid recipient and opening
5. Notice of intent of award
Bid package preparation - Answer✔the documents that are available to bidders
EX: Drawings, specs, contracts, instructions to bidders etc.
** It is good practice to have a agency CM bid the package before sent out to GC's to find errors
Issuing Invitation for Bids (IFB) - Answer✔A advertisement to bid a project
Includes bidding information
- Bid Bond requirement
- Prebid conference
- Issue date
Bidder Prequalification - Answer✔Owners want to make sure that the contractor has the capacity
and ability to complete the work
Two main ways for of Prequalification - Answer✔1. Screening contractors before issuing the bid
package
2. Contractor applies for prequalification. If accepted by owner the contractor needs to submit
"prequalificaiton certificate" with its bid.
1|Page
, Managing the Bid Cycle - Answer✔Making sure that the bid cycle is smooth for contractors.
Prebid Conference:
Explain technical aspects of the project as well as the supplementary conditions, bidders bring up
potential problems such as inadequate bidding time.
Site Visits
Addenda
Bid Receipt and opening - Answer✔in public projects this is a formal procedure set by regulation
The procedure of submitting a bid for careful review
Notice of intent to award - Answer✔Whoever is awarded the bid. Usually the lowest price,
responsible bidder
Notice states that the bidder needs to furnish a performance
Bonds - Answer✔A financial obligation to assure payments will be made.
Issued by a surety. Surety company thoroughly analyzes contractor before issuing them a bond.
Provides a extra level of financial resource behind the contractor, a place the owner can turn to if
the contractor cannot meet contractual agreements through their own assets
Penal Sum - Answer✔The limit of a Surety's company liability under a bond.
Tripartite relationship - Answer✔Principal: Contractor
Obligor : Surety
Obligee: owner
Bid Bond - Answer✔The obligation states that the principal will honor its bid.
Performance Bond - Answer✔the obligation states that the principal will complete the project in
accordance with the project documents.
2|Page
