What should an owner do after selecting the top-ranked finalist for a contract?

The most appropriate action for an owner after selecting the top-ranked finalist for a contract is to begin negotiations with the finalist. While finalizing the contract follows after negotiations, it is important to first engage in discussions to confirm terms, clarify any outstanding points, and reach mutual agreement on the contract specifics. This process is crucial to ensure that both parties have aligned expectations and that the contract accurately reflects the agreed-upon terms, including responsibilities, deliverables, and payment schedules.

Starting the project immediately would be premature without establishing the contractual terms that outline how the project will proceed. Conducting a public announcement may also be an essential step, but it typically follows the confirmation of negotiations and before the contract is finalized, rather than being the immediate next step after selecting the finalist. Therefore, negotiating effectively lays the foundation for a successful and binding contract, making it a vital action in the contract awarding process.