Just like your project’s duration, cost will vary greatly with project’s size and complexity. Once you have determined which delivery method you are planning to utilize, you will be able to start narrowing down the cost range.
With design-build or negotiated contract methods, you will select your partner and then begin to work together to develop the scope of work before gathering pricing details from subcontractors to create the total budgeted cost. One benefit of these methods is that you have greater opportunities to value engineer and find ways to maximize your project’s value while being mindful of your budget.
With hard bid projects, all companies will submit pricing based on a set of construction documents that are developed without contractor input and the lowest bidder wins. However, this method often equates to more change orders, higher administrative costs, and costly legal disputes.
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