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







Related Discussions:- Award and signing of contract, Assignment Help, Ask Question on Award and signing of contract, Get Answer, Expert's Help, Award and signing of contract Discussions

Write discussion on Award and signing of contract
Your posts are moderated
Related Questions
Which ratios would a banker be most interested in when considering whether to approve an application for a short-term business loan? Explain. Bankers and other lenders use liq

Q. Demerits of net present value method? (i) Difficult to Understand as well as Implement:- This method is tricky to understand as well as implement in comparison to the paybac

Is depreciation the loss of value of fixed assets No. An operative (and not a pseudo-philosophical) explanation of depreciation might be: it is a number that allows us to save

State the objectives of Corporate financial Corporate financial objectives could be to: 1. Provide the link between business and the other entities in environmentand 2.

How does the market determine the fair value of a bond? The fair value of a bond is a present value of the bond's coupon interest payments plus the present value of the face va

How does a preemptive right protect the interests of existing stockholders? A preventive right protects the interests of existing stockholders by giving them the opportunity to

#how to calculate initial investment cash flows ..


Your broker calls to offer you the investment opportunity of a lifetime, the chance to invest in mortgage-backed securities. The broker explains that these securities are entitled

how would you judge the potential profit of Bajaj Electronics on the first year of sales to Booth Plastics and give your views to increase the profit?