What is the amount of the subcontract agreement normally based on?
What will be an ideal response?
The amount of the subcontract agreement is normally based on a lump-sum bid by the subcontractor to the contractor. This bid usually is submitted in a competitive environment, with the contractor receiving several subcontract bids for each subcontract area. The contractor requires competitive bids to maintain a low, competitive bid for the owner. Most contractors will choose the low subcontract bid. Negotiation after the receipt of bids is normal to determine any missing or overlapping areas between subcontracts.
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