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Value-Based Pricing, Bidding and Marketing

Gain the necessary knowledge to price construction work based upon value, rather than cost and competition.

Construction contractors have experienced significant fee erosion since the 2000s. Contractors have been compelled to decrease their fees by competition and owners who want bottom dollar. Fee erosion encourages contractors to cut corners, over-price changes, and in some cases use creative accounting practices to enhance their eroded fees. Such practices can leave contractors one project away from financial ruin, and dissatisfied owners. This information will show you a better way of pricing construction work. Rather than pricing work based upon the lowest cost to meet the specifications, and competing for the lowest fee, contractors can effectively market their services by offering to price their services based upon the value the owner expects to receive from the completed project. Value-based pricing will help contractors make a fair profit and leave owners more satisfied that they are getting the value represented by the contract price. Other businesses have been using value-based pricing for years. The construction industry can follow their lead, effectively using value-based pricing for both negotiated contracts and competitively bid projects. Failing to utilize value-based pricing will result in continued fee erosion, and the aftereffects a low fee has on a construction project. This information will provide architects, engineers, contractors, subcontractors, suppliers, local and state government administrators, attorneys, and others who are either in or do business with those in the construction industry with the necessary knowledge to price construction work based upon value, rather than cost and competition, to promote a win-win outcome between owners and contractors. This information is critical to anyone who contracts for construction work.

97 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • What Is Value-Based Pricing?

Pricing Methods

  • Pros and Cons of Different Pricing Methods

Developing and Implementing Value-Based Pricing

  • Strategy
  • Estimating
  • Tracking Value
  • Improving Value

Marketing Value-Based Pricing

Bidding Value-Based Price Bids

  • Requests for Proposals
  • Evaluating Bids

Conclusion

  • Question and Answers
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 26, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Scott D. Cahalan

Scott D. Cahalan

Smith, Gambrell & Russell, LLP

  • Partner in the Construction Law and Litigation Section of Smith, Gambrell & Russell, LLP, an AmLaw 200 firm
  • Adjunct professor of design and construction law at the Georgia Institute of Technology
  • General counsel to the Georgia Utility Contractor’s Association
  • Recognized by Chambers USA, America’s Best Lawyers, and Georgia Super Lawyers for construction law in the State of Georgia
  • Drafter of the Associated Owners and Developers’ standard form construction contracts
  • Special assistant attorney general for the State of Georgia
  • Frequent author and lecturer on construction law
  • Member of the State Bar of Georgia, Northern District of Georgia, and 11th Circuit Court of Appeals
  • J.D. degree, with honors, University of Georgia; B.S. degree in construction engineering, Iowa State University
  • Can be contacted at 404-815-3711, [email protected] or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407187
Published 2020
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