Steps to securing a branch development building contract from the nigerian banks.

It may not have come to the notice of those that are not in the construction industry that the sector is now seriously growing at a very high speed, all thanks to banks 25 million naira consolidation.
Banks are spreading like wildfire due to large funds available to them ,the average third generation banks are opening more than 100 branches a year. Contractors are getting more jobs ,building professionals are getting better pay and more jobs are been created by the day.
You need to have an office where you can be traced to, the banks need a legitimate businessman.
You also must have registered your company with corporate affairs commission
For transparency the bank may require past projects your company had done . You need to include all in your profile that you are going to submit to the bank. This is where you may need to team up with a more established company if you don’t have any past project. Enter with the established company agree with percentage share with the owner and later on with your connection and experience you can then veer off and register with your own name fully.
The most important you need a guarantor from the bank that will stand for you and introduce you to the bank. Usually this person is one of the directors or high officers of the bank. So who you know may be very necessary.
One thing you need to organize yourself and be bold enough to walk to the branch development /property unit of the bank ,ask of the head introduce yourself and talk to him or her.
Building projects in banks are not solely doneby one person, there are a lot of subcontractors that are usually involves in a project like the electrical contractor, plumbing or mechanical contractor, cctv, borehole contractor e.t.c even some banks now have demolition as part of a building contract awarded to some contractors.
To get a contract from these banks you only needs to get a good quantity surveyor, agood site engineer (you have them everywhere at present) though if you are just starting is better you use an engineer conversantwith that particular project.
When the banks has consulted the building professionals for the drawings (the architect, M$E engineers,structural engr, then Q.S) then it is time for tendering , registered contractors with these banks will be called upon to tender there quotations , this is the amount of money and rates you can take for the building following the architectural plans details and specifications of all consutants involve.
Banks usually choose the lowest bidder though this may not be ideal but if you are called the norm is to pay you 25-50% upfront because of the usual urgency of their projects. The competition atimes makes some banks to build very fast so that they can open before others that are in the same vicinity.
Therefore you need experienced and highly qualified team that can see your project through.
When you have finally secure the project then learn all the intrigues and politics on and offsites to be able to be recognized and successful with your projects.
Stages of payments varies most pays by milestones e.g first floor slab casting roof carcass covering e.t.c to determine how you are paid ,payments could be in stage 1-3 or 4 and a period after the completion of the project is usually set aside to watch for any defects on building so the contractors 5% money is retained with the bank until when the 6 months is over before release in case there is a defect , then the contractor is liable within this period and he is expected to carry out the repair.

An architect with decades of experience

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