All construction projects require professional design services of architects and engineers, competitive bids to select a construction contractor, and the bid proposals for these projects must be accompanied by a surety bond. All projects will be administered by the Facilities Management PEC group. The PEC group will provide design service depending on project complexity and work load. A process designed to select a professional service contractor for the project from interested and qualified firms. The University's practice for determining the actual construction cost of a project, which is done through solicitation of quotes from responsive qualified constructors.
Construction bonds are a guarantee of good faith.
Construction bonds are also a security for the faithful performance of the contract, and for the payment of all persons performing labor and furnishing materials in connection with the contract. When a plan and location is finalized, a cost estimate will be prepared based on code requirements and best available construction costs. Michigan Technological University . All Rights Reserved.