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The process for contract award in the Nigerian construction industry is mixed with defective procedures and irregularities. The attendant consequences amongst other effects are cost overruns, delays and claims related arbitration. This paper attempts a response to this problem by qualitative research moved by the theory that it is exigent to prequalify contractors before they are awarded contracts. In this investigation, the criterias for prequalifying contractors as a means of enhancing the overall cost performance of the project is examined to show correlation. Findings showed that contractors with high technical, financial and project management capacity, past performance, good HSE policy and organizational reputation fare better for enhanced cost performance of a project.