REM 600 Study Guide - Final Guide: Life Safety Code, Project Manager, Cubic Yard

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 600
• Professor: Murtaza Haider

Document Summary

In the old days, there was a straightforward competitive process to get jobs. Today, complex process includes negotiation, presentation, team-building, and communication skills. Benefits of having owners choose constructing management team early are value engineering, Public projects (schools, highways, government buildings etc. ) have an open bid requirements. Open bid is advertised publically, and allows any contractor to submit a bid. Bonds are issued by a security company, and act like a form of credit, using their financial resources to back obligations of the contractor, prequalification weeds out contractors that are not qualified to bid on project. Private projects (retail, offices, apartment complexes) have a closed bid requirement, where an invitation to bid is a notifications sent to a selected list of contractors who are chosen to bid. Owner can limit the number of contractors, and has much more flexibility. P3 (public private partnership) could still be open bids. Two parties share resources, risks, and rewards associated with the project.