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Article Details
Title Bidding System
Date 4 February 2005
Category Production auditing

Bidding System

Most UK Productions are quoted on a fixed bid system.

This means that once an estimate is approved, the Production Company price is binding with 50% of the quoted budget being paid upon the job go ahead and the remaining 50% upon satisfactory completion of the film.

As part of the Bid System, Production Companies provide a detailed breakdown of the estimate in line with the Production and Insurance Budget Specification guidelines agreed by the Joint Working Party of the AFVPA, IPA and ISBA.

This allows the Advertiser to understand the pricing of the key elements behind the bid and is broken down by key cost components i.e. Unit Salaries, Equipment Costs, Location Costs etc.