1. Is this actually a job?
Some notices are lists to get on, requests for information, or awards already made. Those can be worth answering, but there's nothing to price yet. Check what the notice is before reading further.
2. Can you meet every mandatory requirement?
Look for the words must, shall and mandatory. A missing certificate, a security clearance you don't hold or a required licence ends the bid no matter what your price is. Check these first, because no price can make up for them.
3. Is it your trade, and are you the prime or a sub?
A building tender might have one small piece that's yours. Decide whether you would bid to the owner or quote a general contractor, because the paperwork you have to handle is very different.
4. Can you get the bonds?
Check the bid security, and the performance and labour and material bonds you would need if you win. Compare them with your surety's limit for a single job and for your total work.
5. Is it close enough to pay?
Count travel, room and board and the time your crew loses on the road. A remote job can be worth doing, but only if your price carries that cost and you can still win.
6. Do you have time to price it properly?
Count back from the closing date. Allow for the site visit, the question deadline and supplier quotes. If a mandatory site visit has passed, you are already out.
7. Who usually wins this work?
Public award records show who won a buyer's past jobs and how often. If one firm has held the work for years, or a buyer scores price low and experience high, your chances may be smaller than the tender suggests.
8. Is the margin worth the risk?
Look at the contract terms: liquidated damages, payment schedule, holdback and who carries the risk of unknown site conditions. A tight job with harsh terms can lose money even when you win it.
Write down the reason
Whichever way you decide, keep a line on why. After a year you'll be able to see which buyers and which kinds of work actually paid off.
BidCaliper asks these questions for you on each tender, shows you the clause behind each answer, and keeps a record of what you decided.