The Project Bidding and Milestones functionality is a vital addition to any professional services or procurement marketplace. This powerful add-on module allows marketplace customers to post a project and connect with multiple vendors and specialty contractors that meet their project requirements and budget.
- Marketplaces where buyers can tender complex projects to source multiple products and services being delivered together
- Marketplaces enabling vendors to provide advanced quotes management with milestones delivery
- Professional Services Marketplaces
- Procurement Marketplaces
- Commercial Real Estate Marketplace
- Healthcare Marketplace
- B2B Wholesale Marketplaces
Thanks to the Project Bidding and Milestones module, customers of the marketplace can post a project, connect with multiple vendors, evaluate their offers, negotiate the price, and most importantly, track the execution and process milestone-based secure payments to the contractors.
Similar to a tender, the project bidding starts with a customer providing a project brief by posting it on the marketplace, and inviting selected vendors to participate in the bidding. The platform allows the marketplace owner to decide what information is needed to be provisioned at this stage and what are the general rules for the contractors to participate. The project scope can be split into sections and offered to different vendors if needed. The advanced search and a flexible system of filters allow the project owner to find top contractors that have high potential to meet all selection criteria and invite them to participate in the bidding by submitting their offers.
A contractor, on the other side, is notified about the new project invitation. If they decide to participate, they can send a proposal covering a part of the project or the entire scope. The milestone functionality is available, enabling contractors to split the entire scope into milestones with allocated costs. It also brings benefits to both sides by ensuring project owners and contractors have full control of the execution process and payments.
Once the received offers are evaluated by the project owner, the negotiation can be started. Platform messaging tools allow both sides to negotiate the price, ask questions and discuss the project in details before finalising any commitments.
After reaching an agreement, the project can be started and the first milestone can be released. Throughout the execution process, the platform allows both sides to keep track of payments and timelines with the ability to make changes to the project.
- Create a project
- Split the project scope into sections and organise separate bidding for each section if needed
- Find suitable contractors using advanced system of filters and invite them to participate in the bidding
- View and compare the proposals from different contractors
- Negotiate terms and prices using inbuild messenger tool
- Track the project and complete milestone payments
- Make changes to the project scope, extend the project by adding milestones
- Participate in multiple project biddings
- Split the scope and payments into multiple milestones
- Send proposals and negotiate terms and pricing with the project owner
- Track project’s timelines, generate invoices and receive secure payments
For Marketplace Owners
- Have full visibility of all projects and biddings happening on the marketplace
- Customise the set of search filters and industries to accommodate the convenience for both sides
- Keep track and control over all actions, including agreements, payments, and communications
- Access advanced commercial analytics reports