Archive for April, 2011
April 24th, 2011 | 
Author: Contracts and Purchase Agreements
When a developer or owner advertises a project for the solicitation of bids, it is an invitation hence the cover document is captioned: ‘Invitation to Bid’.
A contractor’s or supplier’s response to the invitation is referred to as a ‘Bid’ and constitutes a ‘Proposal’ to perform work or supply items described therein for the related sum.
There is no contract until the developer or owner formally enters into a written agreement in the form of a Contract or Purchase Agreement with the proposer. This formal document is prepared by or on behalf of the developer or owner and sent to the party whose proposal is to be accepted; their representative duly signs in the presence of required witness as an authorized officer of the company and returns the required number of copies to the developer or owner. Having been satisfied that the returned document was properly executed by the contractor or supplier, the developer or owner then endorses their sections and returns copies to the contractor or supplier, as well as their respective insurance and bonding companies.
During the performance of the work, it is critical that neither the contractor nor the supplier be allowed to deviate from the requirements of their contractual agreement without a formal Change Authorization. If the developer or owner is privy to sundry informal changes to the work, then they become party to ‘rewriting’ their contractual agreement, resulting in the original document probably becoming unenforceable.
Where a general contractor replaces a developer or owner as the party receiving and accepting proposals the agreement may become a subcontract in lieu of a contract.
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