Award and signing of contract, Financial Management

Award of contract

In previous sub section you learnt in what situations you can negotiate. Now let us discuss the procedure for awarding the contract.

Below are the steps for awarding the contract and signing them:

  • With or without negotiations you should award the contract to the lowest evaluated responsive bidder who meets the specified minimum qualification. The bidder must possess the bid capacity more than the contract value.
  • The acceptance of contract is communicated to the selected bidder within the initial validity period or within the mutually agreed extended period.
  • You should request the bidder to deposit the requisite security deposit such as the amount, form, validity, as required in the bid document, within the stipulate period.
  • If the selected bidder fails to submit the security deposit within the stipulated period, then his bid security is forfeited. You must then award the contract to the next lowest evaluated responsive and qualified bidder.

Signing of the contract

After the submission of the security deposit as detailed above, you can conclude the contract by signing the completed Form of Contract.

Posted Date: 9/28/2012 3:23:39 AM | Location : United States

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