Question

didference between a bid price and a contract price to civil engineering project

Answer 1

Bid Price:-

For a project to go ahead, you will need to make a firm offer to your customer. It is your construction bid. In the form of money or its value this price is known as bid price. In it, you commit to providing your customer with a specified construction at a given price and often by a given date too. If the customer approves the bid, you are then expected to honor your commitment and carry out the work, as described in the bid. You need the most accurate cost estimates available to put the right price into your bid and make a satisfactory profit on the job.

Contract price:-

Contract price, defined as the price of a contract which is paid to a contractor upon completion, is used any time a contract exists. Due to the fact that a contract is an agreement to complete a certain type and amount of work, the contract price is fully paid to a contractor when they have completed the job which has been agreed upon. Generally, contract price includes a down payment, may include a few continuing payments, and ends with a final amount paid to close the contract.