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Risk and Reward

from National Association of the Remodeling Industry

The risk-reward nature of fixed-price contracts may not be the best fit for today’s design-build market Near the end of the recession that hit New England in the early 1980s, I was one of three bidders on an architect-designed residential remodeling project. The bid documents were standard fare, except that all the prices for trade work were included as allowances. That turned out to have a surprising effect on the outcome: All three bids on the $125,000-plus project were within about $1,000 of each other; two were only about $50 apart. It was an eye opener, and it prompted me to start looking for ways to get out of the bidding wars. more

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