Construction contractors have big influences upon projects and their successes. Therefore, it is quite critical to select a qualified contractor in the process of construction management. A competent construction contractor is one of the indispensable conditions of a proper process and completion of a construction project. There are several theoretical frameworks or models applied in the evaluation of contractors. And there are some practical criteria for selecting an appropriate contractor. This paper analyzed the relevant theoretical methods for contractor evaluation and examined the actual criteria for the selection of contractors. This study aims at identifying the criteria for selection of contractor and bid evaluation means by which different emphases can be recommended to suit the requirements of clients and projects. The analysis led to some interesting findings that reflect on the current practice. The paper is concerned with providing construction contractors with recommendations in pursuit of better evaluation of construction bids both technically and financially.