When procuring a contractor for major common property repairs, what is a critical step for a strata corporation to ensure a fair and compliant process?

Question: When procuring a contractor for major common property repairs, what is a critical step for a strata corporation to ensure a fair and compliant process?

Answer options:

• Accepting the first quote received to expedite the process. ✅ Obtaining multiple competitive bids and checking references and insurance.
• Awarding the contract based solely on personal recommendations.
• Requiring the contractor to pay a fee to the strata corporation.

Correct answer: Obtaining multiple competitive bids and checking references and insurance.

Explanation: To ensure effective management of funds and quality of work, best practice dictates obtaining multiple bids, vetting contractors thoroughly (references, insurance, licensing), and selecting based on value, not just lowest price.