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Pastimes : G&K Investing for Curmudgeons
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To: Boa Babe who wrote (2658)6/9/2000 10:43:00 AM
From: Mike Buckley  Read Replies (1) of 22706
 
QUALCOMM has reserved the right to adjust its license terms and conditions, including increasing its royalties, for those companies that delay in entering into a license with QUALCOMM

About five years ago the largest general contractor in the area solicited bids from subcontractors for three large projects they had already won. Their hope was to improve their profit by getting lower bids than they used to win the jobs, especially if they could offer all three jobs as a large-volume set.

When my partner and I bid the three jobs, we told them they had 30 days to award it to us or drop us from the bid list because after 30 days our bid would no longer be valid. They asked why we took such an aggressive posture. We responded that we already knew they were soliciting bids from all over the state and that it was obvious they were hoping they would take advantage of a subcontractor who made a mistake in their estimate. It was our position that if they looked long enough, they'd eventually find subcontractors who would make those mistakes and that our only defense was to limit the time they had to do that and add the possibility that if indeed we were the low bidder, that price would get higher as time went on. They really got pissed at us.

They later awarded us two of the three projects and the long-term relationship was not hurt by our actions.

--Mike Buckley
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