12/6/2023 0 Comments Tender management definition![]() If the bid is accepted and you are not signing the contract than the EMD is forfeited. ![]() Once the bidding process is over, the first thing done is the technical details that are mentioned by the bidders are taken up to the discussion by the bidders. The firm that gets the contract has to replace this EMD with performance guarantees and has to offer up to 10% of the estimated amount and the experience certificates. The deposited money will be refunded once the bidding process is successfully over. This is done to make sure that there are no non-serious bidders bidding for the contract. This is normally 2% of the estimated value in the tender. It should also be accompanied with specified enclosures like EMD which earnest money deposit. Specific date and time need to to be mentioned on the top. The tenders should be submitted in the sealed covers. And thus, once it is submitted it becomes a legal document and you have to follow the terms and conditions of that tender. But care must be taken while preparing it because it is considered as the official document. Learn more about Purchase Correspondence here.
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