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
Inventory is sometimes thought of as a necessary evil.  Explain. Inventory ties up funds and these types of funds are not earning an explicit return.  A few inventory is often es

Objectives of financial services authority FSMA provides four statutory objectives to FSA. They are: Market Confidence: Maintaining confidence in the financial system;

which type of approaching to each firm

Market Value Ratios Price-Earnings Ratio P/E ratio shows how much investors are willing to pay for earnings per share of the company. Market-to-Bo

a Suppose you are the TA of Econ 3602 and one student does not know how to derive the DD schedule. Show this student how to derive the DD schedule. Support your answer with equatio

Explain learning outcomes of financial management By the end of this subject guide as well as having done the relevant readings and activities you should be able to

What were the main objectives of the Bretton Woods system? Answer: The major objectives of the Bretton Woods system are to acquire exchange rate stability and promote internation

The question to be answered is : "Since the 1990 opening of stock exchanges, China started to use financial statements to determine the performance of listed companies. What were c

Question: (a) Describe the main elements of Working capital management? (b) Belle Rive Ltd Belle Rive Ltd has an annual turnover of Rs 60 million of which 80% is on cr

Your construction company is evaluating the proposed acquisition of a new earthmover. A consulting company you hired developed the following analysis last year at a cost to you of