Explaining Key Tender Vocabulary

Vocabulary is an important element in our day-to-day lives and it determines how people respond or react to what is being said to them. The vocabulary of a tender is the language or jargon that is used when publishing a tender, these words are used in order to attract the right people and people that will understand what is expected of them.

The important key element of a tender is what is being done and where is it being done. The type of work being done has to be stated as this is essential in sourcing the right people for the job if the tender requires building the tender has to state that it is for construction and if the tender is for consultants the tender again will state “professionals”. Another element is the location of the work and the duration of the work. The work may be done in a city, town, province or national for the period stated.

In the tender sector, different companies do different works therefore categorizing a tender is important. The vocabulary also gives an understanding of the category the tender falls under meaning a tender can be categorized as IT or Building or Trades based on the vocabulary that is being used.

Tenders usually have restrictions on who can tender and conditions to tender, these restrictions are usually in tender jargon or tender language for example a tender may require a CIDB grading in order to tender. A CIDB grading is a rank given to a construction company based on the value and experience of its past construction projects. The rank is based on work, financial and general compliance criteria.

A tender is time-based like most things in the world and time waits for no man. It is important to note the site inspection and the closing date as this is beneficial. For some tenders, a site inspection is important and compulsory and one cannot tender if they did not attend the site inspection most tenders will not under any circumstances accept late submissions therefore time is a very important element to note and respect when tendering.

Is there any tender vocab we missed that you’d like covered? Drop a comment below.


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Crypto and Construction


Cryptocurrency, also known as Crypto-currency or Crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions.
Cryptocurrencies do not have a central issuing or regulating authority. A decentralized system to record transactions and issue new units is used instead.

The first Cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today.

Cryptocurrency is a peer-to-peer system that can enable anyone, anywhere, to send and receive payments and does not rely on banks to verify any transactions. Cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer Cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is so-called because it uses encryption to verify transactions and is stored in a digital wallet. Advanced coding is involved in storing and transmitting data from wallets to public ledgers.

So how does it work?

Cryptocurrencies run on a distributed public ledger called Blockchain. This is a record of all transactions updated and held by currency holders. Cryptocurrency units are created through a process called Mining. Mining involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currency from brokers, and then store and spend them using the Crypto wallets.

Cryptocurrency is not tangible. You will only own a key that allows you to move a record or unit of measure from one person to another without a third party. It is also considered to be immune from inflation because there is a fixed supply and the Government cannot manipulate the value. The market manipulates the value based on supply and demand.

Are there any benefits of using Cryptocurrency?

Two of the significant benefits of using crypto are that there are fewer fees and the money is available almost instantly. Instead of paying bank fees for electronic transfers or credit card processing, providers pay less than a cent per transaction. Cryptocurrency can also be instantly transferred into cash and deposited into your bank account, cutting down the time it takes to get paid.

For international companies, using Cryptocurrency avoids exchange rate calculations and converting cash into different money types. Vendors will also have more control over their funds as transactions cannot be reversed by the purchaser. If a customer wants to get their money back, they must request it from the vendor. This protects vendors from customers who make purchases and then cancel and do not return the merchandise.

Crypto and Construction?

1. Smart Contracts
Smart contracts are automated contracts that reduce the necessity of intermediaries and can save time and money and are poised to make their mark on the industry. Blockchain is one way that these contracts can be updated and transactions recorded.
2. BIM
Building Information Modeling (BIM) technologies are being implemented on project sites.
When combined, BIM and Blockchain can work greatly to enhance the effectiveness of smart contracts. Combining BIM and Blockchain can work in holding all parties on a project accountable and creating a higher level of transparency. The combination could improve the effectiveness of BIM technology. Currently, BIM uses peer-to-peer networks for information sharing, but Blockchain could make updates in real-time. This constant feedback and monitoring would help with transparency, lead to better overall communication and ultimately result in a higher quality of workmanship on a project.
3. Payments
The Blockchain concept is built around a monetary exchange, as it involves Bitcoin and/or Cryptocurrency.
Blockchain can therefore be used to streamline payment processing. Getting timely payments to all stakeholders on a project tends to be a significant challenge for many companies.
Failure to pay on time can lead to conflict, and when a dispute arises, there is potential for the project to go south as a result. By increasing security and creating traceable information, Blockchain can improve the payment process. One technology poised to play a role is BuilderChain, a platform that’s designed to change the way sub-contractors are both hired and paid. It can better ensure that sub-contractors are paid fast and that relationships with good subcontractors are fostered.
4: Supply Chain Management
Blockchain can help trace physical items from origin to destination.
It can help improve transparency, which can help all parties stay on the same page and avoid potential pitfalls and oversights.
Similarly, Blockchain can help enable contractors to use unique digital identifiers to verify vendors and suppliers, and thereby grow their reputation over time based on how well their work is performed. These digital IDs can help a company verify the credentials of any subcontractors before they are hired.

The Cryptocurrency market is quite volatile, so users should be prepared for ups and downs. Cryptocurrency is relatively young and is considered highly speculative. If you plan to participate, do your research and invest conservatively to start. Do you think Crypto and Construction related applications will be adopted well in Africa?


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About Melanie Miles

One girl who would rather wear boots than high heels...

Infographic: Tenders

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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Featured Company: Shisalanga Construction (Pty) Ltd

 

Read about who’s who in the Industry: Since opening as a small asphalt plant in Dundee, KwaZulu-Natal in 1998, Shisalanga Construction (Pty) Ltd has grown from strength to strength, continuously pushing the boundaries of innovation and becoming market-leaders in asphalt and road construction. Part of their portfolio includes the manufacturing and paving of hot mix asphalt, the production of high-quality cold mix asphalt, laying of surface and slurry seals, crack sealing, deep and shallow milling, insitu-stabilising and hydro surface treatment.

Shisalanga Construction

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About Wendy De Wet

I joined Leads 2 Business as an Account Executive in July 2011 and was part of the dynamic sales team in JHB for 2 years. I relocated to the beautiful city of Durban in 2013 and absolutely love KZN. I am very proud to be part of the L2B family and Legacy!

Featured Company: Nyondo Holdings (Pty) Ltd

 

Read about who’s who in the Industry:

This week we are featuring Nyondo Holdings (Pty) Ltd, based in Bryanston, Gauteng with accreditations from the NHBRC and CIDB. They specialise in building new residential homes and also offer project management services on residential property projects. Nyondo Holdings (Pty) Ltd take great pride in the provision of unrivalled services at reasonable rates charged based on value creation whilst paying attention to detail on projects to meet clients’ expectations on every project.

Nyondo Holdings

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About Christine Smith

My journey started in 2015 with Leads 2 Business, as an Account Executive, and gradually grown to take the role of being the Client Liaison Officer (CLO) since 2018. Assisting in the delivery of our services and insuring our clients expectations and requirements are exceeded.

Open Opportunities Today

Are you open to opportunities?

The Building and Construction marketplace is becoming increasingly competitive and commands that companies go the extra mile to stand out from the crowd.

“Where do I start?”  The question we get so often.  The best answer is really, what do you do and where do you do it?  Our service offerings can be used by almost anyone in the Construction industry.  Yes, Professionals, Contractors, Sub Contractors, Vendors, Suppliers and Manufacturers. Everyone fits in in a different way; depending on the size of the contracts you normally take on and the regions you work in, you will look at different types of leads.

Enter the Leads 2 Business Directory and Open Quotes

Our Directory is like the Yellow Pages of the Construction Industry. You can search Companies, Services, Products and People.  Our Directory is used by people in (and out of actually) the Construction industry to source contacts. Main Contractors use this same Directory to send electronic price requests to their Preferred Suppliers and can select from a list of relevant Vendors, Suppliers and Subcontractors. On the other side Vendors/Suppliers/Subcontractors register on our Directory to gain exposure for their business and elect to receive e-RfQ’s to price, market and build relationships with Main Contractors.  Being registered on our Directory as a Vendor, Supplier or Subcontractor enables passive marketing and when used proactively can result in a successful pipeline of leads. Businesses can also actively market through Open Quotes by seeing which Contractors are currently pricing Bills (BoQ’s) that have matching trades and regions and submit pricing directly. In addition to this, Open Quotes subscribers can actively view matching Award Notifications and submit pricing to the Main Contractor(s) that are awarded the Contract.

All of this info is viewed, submitted and stored online.

Why online you may ask? Pricing online not only improves your visibility but provides yet another opportunity to outperform your competitors as well as save time, providing centralised storage and easy accessibility. Simply put, it’s easier, faster and more reliable!

Sound like something you’d use to grow your business? Register here today


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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Infographic: Construction Health and Safety

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About Sasha Anderson

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Featured Company: AfriSam (Pty) Ltd

 

Read about who’s who in the Industry: AfriSam Pty (Ltd) is a leading supplier of superior quality construction materials and technical solutions such as cement, aggregate and Readymix concrete. Since establishing its first cement plant in 1934, the company has grown into a formidable group with operations in South Africa, Lesotho and Eswatini. AfriSam, stems from the word ‘Afri’, which refers to our proud African heritage and ‘Sam’ comes from the word samente or disamente, which means cement in six of South Africa’s official languages.

Afrisam

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About Candice Erasmus

I have been working at Leads 2 Business for 10 years of which 8 have been as the Sales Manager. I enjoy every aspect of my job and strive to hold the L2B flag high in all I do.

Infographic: Women in Construction 2022

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Women are gaining traction in the construction industry, even though it is often viewed as a male-dominated field. 13% of all construction companies worldwide are owned by women; 9% make more than $500,000 annually.

Did you know almost half of South Africa’s construction companies are owned by women? Some of the Top Women-Owned Construction companies in SA even use Leads 2 Business namely Temi Construction & Motheo Construction Group.

This infographic includes some of the highlights from Levelset’s 2022 Women in Construction Report.

Sources:
BusinessWire
HouseGrail

 


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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Featured Company: Andrew Griffin Photographer

 

Read about who’s who in the Industry:

This week we are featuring Andrew Griffin Photographer, based in Pietermaritzburg, KwaZulu-Natal. With over 20 years of professional photographic experience, Andrew Griffin has serviced the construction industry in KwaZulu-Natal by Documenting projects from inception to completion. Services include still photography, time-lapse, Aerial and Video. Whether he’s documenting CSR initiatives, colossal construction projects from start to finish or individuals in the healthcare, education and sustainability sectors, his images are testament to the spirit of people and their achievements. He has worked with clients such as the Development Bank of Southern Africa and Ndalo Media, forever keeping the client’s needs front of mind.

Andrew Griffin Photography

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