Practice Bulletin – Bid Irrevocability Period During Persistent Material Price Volatility
Construction material price and supply volatility continues to be a significant source of project risk in Manitoba. Lumber has increased by 400% in the past year, copper has increased by 211% and steel has increased by 50%. The best way project owners can help reduce price risk is to adopt short Bid Irrevocability periods during the tendering process. WCA’s latest Practice Bulletin can be used to help inform owners on how they help reduce project costs – click here to download a free copy.