PennBid Provides Tremendous Value to Bidders
Quickly, efficiently, and accurately providing quotes and proposals is the life blood for contractors and bidders. However, traditional paper-based bidding is filled with inefficiencies and costs the bidders must incur, regardless of their success. Purchasing plans and specifications, physically driving back and forth to pick up/drop off documents and bids – these are all steps that cost bidders money just to be able to participate. Don’t worry, there is a better way.
With a one-time, no-cost registration, PennBid provides a multitude of benefits geared at saving bidders time and money. Decreasing the cost of participation is key to attracting more bidders. And while bidder interest is heavily influenced by the type and scope of individual projects, agencies using PennBid frequently see an increase in the number of bidders considering their projects and opportunities.
Key benefits for vendors include:
- NO subscription or registration fees
- Access to bids from over 1,900 public agencies and private firms
- No cost for plans, specifications, and bidding documents
- Automatic notification of bid opportunities
- Ask questions, see posted questions and receive answers through the Program.
- Submit/revise/withdraw bids and proposals through secure, online sealed-bid platform.
- 24/7 access from any internet connected device
How is this possible? Only vendors who are awarded contracts are assessed a modest, capped fee of 1/3 of 1% of the contract value for fixed fee contracts, and 1/6 of 1% of the contract value for term contracts. There is a minimum award fee of $100 and a maximum of $5,000 (+ tax). Bidders who are not awarded a contract, pay nothing.
Isn’t this increasing the overall cost for bidders, you ask? Not at all. In fact, when you compare the PennBid fee to the investment bidders have in the paper-based process (costs that occur on every project, but can only be recouped if successful), the PennBid fee is generally considerably less.