Receipt of bids and bid opening, Financial Management

Receipt of bids and bid opening

We discussed how to prepare the bids and to publish them in the earlier sub section. Now let us see how to receive and open bids.

To receive bids you should:

  • Make adequate arrangements for the proper receipt and safe custody of the bids. Other communications are also made regarding the time and place for the receipt of bids, as specified in the bid documents.
  • Permit the submission of bids by post or courier.
  • Extend the last date and time for receiving bids, after giving adequate notice to all intending bidders in cases where:
  • The publication of the IFB has been delayed.
  • The communication of changes in the bid documents to prospective bidders took time.

Bid opening

You must receive the bids within the stipulated time on the date of last submission. The bid box should be sealed and opened at the stipulated time (usually half an hour later than the time stipulated for submission of bids).

At the time of bid opening you should:

  • Count all envelopes containing the bids, irrespective of any deficiency.
  • Open all bids received in time; delayed bids (on what ever account) should not be opened.
  • Maintain a record of the corrections noticed at the time of tender opening.
  • Read out and record the names of the bidders and the rates quoted by them for each of the item(s) in figures and words.
  • Read out and record the details of the bid security deposit such as amount, form and validity.
  • Read out and record the validity period of bids, warranty and any other conditions/reservations given.
  • Read out and record discounts offered if any.
  • Record the details of the bid opening by incorporating the above criteria.
Posted Date: 9/28/2012 3:18:56 AM | Location : United States

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