By-Law xxx
Cost Management
When a project with an estimated cost over 3,500$, a Request For Quote (RFQ) package shall be established and reviewed and agreed upon by all five board members.
The RFQ package is sent to a more than three independant contractors. Their qoutes are required to be submitted to the Condo Corperation in sealed envelopes and mailed to the corporate or management office.
On a given date, with all the five board members in presence, the quote packages are opened and reviewed. Board members can discuss or vote for the winner. The bidders may require their quote package be kept confidential.
For a project with an estimated cost over 10,000$, the procedure is similar to the above, except that, three more randomly selected members from autitor pool are needed to participate the evluation process.