Invitation of bids and bid publicity, Financial Management

Invitation of bids and bid publicity

In previous sub section we learnt how the bid capacity for works and goods are calculated. We discussed how to prepare the bid documents, criteria that are required to qualify a bid, as well the calculation for bid capacity. Here we will learn how to invite bids.

Invitation of bids

You can issue the invitation for bids after the preparation of bid document and after getting it approved from competent authority.

The Invitation For Bids (IFB) should contain the following details:

  • The name, designation and address of the officer (you) inviting bids
  • The name of the project or program that you are procuring.
  • The date up to which and place from where the bid documents should be obtained.
  • The amount of bid security payable.
  • The last date and time for receipt of bids must be mentioned.
  • The date, time and place for opening of bids that has been received.
  • And any other information that you feel important or relevant before inviting bids.

Bid publicity

You learnt what an IFB should contain. Let us now discuss how we can publish the bid.

You should make arrangements for wide national publicity by having the IFB published in newspapers. You should also publish the IFB in appropriate Trade Journals depending on the value of the procurement. These kinds of publicity will ensure better competition.

Posted Date: 9/28/2012 3:18:19 AM | Location : United States

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