Board members learn about and evaluate proposed community projects by comparing different products, services, prices, methods and means to accomplish the same objective. Community leaders should know that the Florida statutes require competitive bidding for significant contracts. For condominiums and cooperatives, the statutes requires competitive bidding for service contracts and contracts for the purchase or lease of materials or equipment that cost more than 5% of the annual budget (including reserves). For a homeowner’s association, the requirement is the same, except there is a higher threshold of 10% of the total annual budget, (including reserves)
Posted on: Mon, 08 Jul 2013 05:21:37 +0000
Trending Topics
Recently Viewed Topics
© 2015