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Construction Terms Glossary

Conwize Construction Industry Terms Glossary Contents

Bid Analysis: Evaluation of contractor proposals to identify the best-value offer.

Term Definition - Bid Analysis in construction is the rigorous and systematic process of scrutinizing all proposals received from prospective

Bid Bond: A financial guarantee protecting a project owner if the chosen bidder defaults

Term Definition - A Bid Bond is a specific type of surety bond utilized in the construction industry as a

Bid Capacity: The measure of a contractor’s realistic capacity to take on new work

Term Definition - Bid Capacity, in the context of the construction industry, refers to the maximum aggregate value of uncompleted

Bid Clarification: A formal process for seeking additional information during a construction tender

Term Definition - Bid clarification is a crucial, formal procedure within the construction tendering phase. It is the process by

Bid Comparison: The holistic evaluation of contractor proposals to select the best value

Term Definition - Bid comparison is the comprehensive process of evaluating contractor proposals in their entirety to select the most

Bid Deposit: A financial security submitted with a tender to guarantee a contractor’s commitment

Term Definition - A bid deposit is a form of financial security submitted by a contractor alongside their bid in

Bid Document: The complete and official set of information for a construction tender. 

Term Definition - A bid document, also frequently referred to as a tender package, is the complete and formal collection

Bid Evaluation Criteria: The standards used to objectively assess and select a winning bid

Term Definition - Bid evaluation criteria are the explicit, predefined standards used by a project owner to objectively assess and

Bid Form: The official, standardized document used by a contractor to submit a formal bid

Term Definition - A bid form, also known as a proposal form, is a standardized document provided by the project