High Cost of Paying Too Little...

The high cost of paying too little means that when you solely select a contractor or product based on a low price, and that contractor or product does not meet your expectations or needs, you will pay more (twice) to have your needs met, or live with the disappointment of failed expectations. So, in the end, you paid "more", whether financially or emotionally, than had you originally chosen a higher bid or product that would have met all your needs!

It is not always true that the lowest price can't meet your expectations or needs, but some diligent investigation & thought should be explored. Say you are installing brick pavers or installing landscape bricks for a patio and walkway. After you receive your bids, write up a list of questions or objectives that you can ask each bidder. Rank (assign points) each question or objectives (one should be price) as to the importance of your expectations & needs. This rank is important and be honest with yourself. If "communicating and being on time for working" is a must for you, make sure you assign higher points. Some clients I have done work for where obsessed about this item and where never concerned as much about the price! Total up the ranked points of each bidder and narrow down your contractors to 2 or 3. You will most likely eliminate the contractor not right for you. Do one little test first. Take "Price" out of the rank and see if you end up with the same contractors. If you do, have piece of mind! If "Price" did affect the results considerable, you will need to think long and hard about "price" affecting your "other expectations & needs".
So remember: When we pay too little sometimes.. it comes at a high cost!