User talk:Hendy329
A Project Buyout is the process executed to put together a hard cost budget through Requests for Bid pertaining to Unit, Building and/or Project costs for a specific development whether it is residential or commercial. This process can include all activities from the purchase of the land through the closing of the project. More commonly, it includes Infrastructure (Land Development) costs, Vertical costs (Sticks and bricks) and General Conditions.
The process itself entails:
- Posting all bid documents to a Bid Portal on a specific website. The documents needed are the Instructions to Bidders, Scopes of Work, Material Specifications and Plans for the specific project.
- Preparing and sending out the Request to Bid along with the Instructions to Bidders to the selected Trade Contractors. The preferred method is via email. The Bid Documents should come directly out of your automated systems and include the base and all standard option items.
- Preparing the Bid Comparison reports from the submitted proposals.
- Negotiating and Contracting with the preferred Trade Contractor.
- Assembling and submitting the budget based on the contracted Trades.
You are now ready to release the Purchase Orders for the Project and should maintain RealTime job cost management through said project.
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