EOIs Part 1: What Are They and What Purpose Do They Serve?

The Construction Business Development Courses industry requires contractors to follow certain processes. The process depends on the type, scale, and budget of a project. While there are specific things that need to be checked off for residential projects, let’s focus on one of the major processes in the commercial building world: the EOI.
What are EOIs?
An EOI is an ‘Expression of Interest.’ Basically, it is a document that responds to a tender proposal. Just to refresh your memory, a tender is a document sent out by a client explaining all the requirements of a project. The tender then invites all contractors that meet the necessary requirements to submit an EOI. The EOIs are then collected and judged by a panel, and they decide which company wins the work. As such, it is very important that builders submit good EOIs. In addition, it’s usually the most lucrative projects that require EOIs. Therefore, EOIs can affect not only a company’s professional standing, but also their income.
What’s included in an EOI?
The format and content of an EOI depends entirely on the tender. However, there are some key things that need to be addressed in every EOI. Firstly, the contractor will have to explain why they believe they deserve the work. They may draw on their experience, resources, or reputation in the industry – basically, anything relevant that will help shape their case. This is their chance to persuade the tender panel why they should win the work, and all of the benefits that come with it. Secondly, the commercial builder will have to prove that they meet all of the requirements in the tender. They will need to show that they have the resources, finances, accreditations, time, and specialist skills to complete the project to ‘spec.’ This assures the client that the building contractor will be able to complete the project to their needs, timeframe, and budget. There is no room for dishonesty in an EOI – it actually acts as a legal document once the work commences. The whole basis of opening a project to EOIs is to ensure that the best, most deserving company wins the work.
What is their purpose?
The concept of an EOI is quite straightforward, and so is its purpose. For contractors, EOIs provide an opportunity to prove themselves in front of an industry panel. They also allow contractors to determine the kinds of projects they can (and want) to work Types Of Contracts In Project Management on, thus giving them something to work towards. From a client’s perspective, EOIs provide them with options. They also give clients a sense of security: as the tender/EOI process is done in writing, the contractor is legally bound to follow through.