The use of a prequalification questionnaire has the effect of reducing the number of potential tenders to those who are actually fit for the project, saving a lot of time for potential bidders who have no realistic chance of winning the contract. It also saves time for the processing and evaluation of inappropriate offers by the customer. Working with a new client is scary! It takes time to get paid in construction. Many companies build relationships and then try to work in the environments they feel comfortable with. It`s not a bad idea, frankly – but there are only so many jobs at the same old customers and suppliers. Prequalification procedures simplify the tendering process for both qualified and unqualified subcontractors. Those who are underqualified can assess whether submitting an offer is worth it. Or, if they still want to follow the project, they can consider starting a joint venture with another company to increase their chances of success. Moving through the pre-authorization process also offers a better idea of the interest rate to interest. Some lenders allow borrowers to guarantee an interest rate or collect an application fee for prior authorization, which can amount to several hundred dollars. Finally, it might be a good idea to take a look at their comments: the Better Business Bureau, Angie`s List, Google, Facebook and elsewhere online….
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