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







Related Discussions:- Invitation of bids and bid publicity, Assignment Help, Ask Question on Invitation of bids and bid publicity, Get Answer, Expert's Help, Invitation of bids and bid publicity Discussions

Write discussion on Invitation of bids and bid publicity
Your posts are moderated
Related Questions
Why do we need to learn finance The questions that you may thinking about right now are "Why do we need to learnfinance?  Shall we not leave it to people who are going to speci

discuss the applicability of operating cycle in poultry industry[consider broilers]

Define the Explicit cost of capital Explicit cost of retained earnings that involve no future flows to or from firm is minus 100 per cent. This must not tempt one to infer that

Explain the term- administration of decisions Conformance, compliance and efficiency This is focussed on the "administration of decisions" . Processes and procedures m

Treasury bonds are the bonds issued with maturities greater than 10 years. However, these are commonly issued with a maturity of 30 years. Like T-notes, these bon

Suggestion Regarding Credit Limit Should It Be Approved Or Not What Should Be The Ammount Of Credit Limit That Electronics Give To Booth Plastics

Portfolio Management: Project Portfolio Management (PPM) is the centralized management of processes, technologies and methods used by project management offices (PMOs) and pro

The asset that acts as a collateral for an asset-backed security can either be an amortizing or a non-amortizing asset. In an amortizing asset,

FINANCIAL MANAGEMENT

Explain the vital role of government notes and bonds in the finance national debt. Government notes and bonds are issued within the USA by the US Treasury to finance national d