Optimal price-time bid model on private and public foundation projects in Hong Kong
Traditional, winning bidders will only be considering by their submitted tendering prices, the lowest tendering prices will be awarded for that project. However, construction projects tend to be more complicated and high time pressure under the limited conditions. Construction clients are increasingly calling for bids that require competing contractors to submit both the bid price and contract time. This kind of procurement method is commonly named as the optimal price-time bid model. In this paper, an optimal price-time bidding model will be used as a basis to exam data which obtained from private and public foundation contracts in Hong Kong construction industry. It found that private foundation project will be more significant in terms of price and time when compared with public foundation projects; thus private foundation projects will be more reliable in using optimal price-time bid model.
CRIOCM 2003 International Research Symposium on Advancement of Construction Management and Real Estate