What does the "Low bid" procurement method prioritize when selecting a bid?

The "Low bid" procurement method primarily focuses on the total construction cost when selecting a bid. This approach emphasizes obtaining the lowest price offered for a project, which is often seen as the most straightforward and competitive way to award contracts. The idea is to encourage contractors to submit their best price to secure the contract, thereby promoting cost-effectiveness in project delivery.

While other factors like quality of materials, net present value, and the past performance of the contractor can play a role in the overall evaluation of bids in different procurement methods, the low bid approach explicitly prioritizes cost above those elements. This method is particularly common in public sector projects where budget constraints are critical, and ensuring taxpayer funds are spent efficiently becomes a primary consideration.