Would it be considered a betterment if a potential contractor offers a reduced schedule of completion? If so, how would you quantify the worth of that reduced schedule?
A Betterment can be anything you can consider an improvment for you. It can be increased quality, it can be increased efficiency. It all depends what you would consider for an improvment.
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A reduced schedule could be considered a betterment, The question at hand, is the customer willing to pay for that reduced schedule for completion? There is no easy way to quantify a reduced schedule. A reduced shedule will increase the contractors risk and also increase the cost of labor to execute a reduced schedule.
If you are going to evaluate a betterment, you must state in your solicitation that you will consider which betterment will be considered an advantage to that proposal.