Posted on: 13 April 2017Share
Paying a company to do a residential construction project can be expensive and time consuming, but when it comes to industrial construction, the costs and the stakes are often much higher. As a result, if you are hiring a company to handle industrial construction, it's critical to hire a construction company that you know can carry through on the work. To help you narrow down your search, consider these tips.
1. Consider Having Several Companies Bid on the Job
To get a range of offers in front of your company, you may want to take bids on the project. You stipulate what you need, and the construction companies that are interested in the work put in bids saying how much they will charge for that type of job.
To be on the safe side and to avoid surprises down the road, you may want to require contractors to commit to their bids or commit to finishing the job within a certain percentage of the bid or estimate.
2. Look at Portfolios
When reviewing the bids of various companies, you should also look at portfolios. If a company has successfully completed that type of industrial construction project in the past, that indicates a high likelihood that the company will be able to successfully complete your project as well. Similarly, reviews from satisfied clients can also be a useful indicator of how responsible a company is. If the company hasn't completed similar work in the past, you may be taking a bit of a risk by hiring them.
3. Consider Requiring a Bond
If you are really worried about the risk that the job may not get finished, you may want to require the industrial contractor to take out a bond on the project. There are a range of bonds designed just for construction projects, and their ultimate purpose is to protect you financially.
For instance, there are bid bonds. These guarantee that the company whose bid you select will be committed to doing the job, or they will pay you a percentage of the bid to cover your costs. There are also performance bonds. Essentially, if the company doesn't complete the job in the manner specified by the contract, a performance bond covers costs related to your delays and hiring a new contractor to finish the work.
To get more tips on ensuring that a contractor completes your industrial construction job with a minimum of delays or issues, contact an industrial construction company directly. They can talk with you about their experiences and commitment.