Tendering is the process by which bids are invited from interested contractors to carry out specific packages of construction or development work. With UOWN properties this could be the construction of new properties or renovation and refurbishment work to existing properties.
Why do we tender work?
We are focussed on ensuring that our investors get the best deal possible for their money and that proper procedures are adhered to when we put a development on the platform, and hence we observe key values of fairness, clarity, simplicity and accountability in how we select contractors to carry out work on our properties.
In order to protect our investors we put all significant pieces of work out to tender. This has a number of advantages for our investors:
- It ensures that work is being carried out by the most appropriate contractor possible and provides transparency to investors, who can see that a developer has followed a structured approach to contractor selection, in line with best practice and in a competitive environment.
- It gives developers and investors rights of recourse. Once the scope of work and tender has been agreed upon, should any disputes arise the original contracts and warranties obtained from the contractor and principal sub-contractors can be referred to, and should it be necessary, investors can look to legally enforce what was contractually agreed to or seek remedy against damages.
- It avoids conflicts of interest where work is passed on to related parties without any due diligence being conducted and without investors having explicit knowledge of the deal in question.