Specifications for contracts, Financial Management

Assignment Help:

Specifications

Following are the various specifications that we need to apply while creating contracts.

  • If the goods to be procured are covered under Bureau of Indian Standards (BIS), then you should select specifications as framed by BIS. If BIS is not available, you should frame the required specifications.
  • The specifications should present a clear statement of the required standards of workmanship, materials and performance of the goods to be procured. For example, you need to build an aircraft. You require  workmanships  who  are  highly  qualified  engineers  with relevant  experience  of  building  aircraft.  If  you  just  mention  as engineer the right skill set may not be known.
  • The specifications should meet the actual and essential needs of the project or goods. Over-specification will unnecessarily increase the cost and may suppress competition.
  • The specifications should include the latest technology. This avoids procuring obsolete items that increases the unnecessary cost.
  • Minimum functional specifications should be given as not to make it restrictive and attract reasonable number of competitive bids.
  • Except in the case of proprietary purchase from a selected single source, the specifications should not contain any brand name, make, or catalogue number of a particular manufacturer. If the same is unavoidable due to some compelling reasons, then the brand name of manufacturer should be followed by your company's brand name or equivalent name.
  • All dimensions incorporated in the specifications should be indicated in metric units. If due to some unavoidable reasons, dimensions in FPS (foot pound second) units are to be mentioned, then corresponding equivalents in the metric system should also be stated. The specifications should use the words not less than or not more than rather than fixed parameters.
  • The specifications for equipment should lay emphasis on factors like efficiency, optimum fuel power consumption, use of environmental friendly material, and low maintenance costs.
  • The specifications should have the requirement for warranty and Annual Maintenance Contracts (AMC) requirements.
  • The specifications and the technical details must be expressed with clarity. Where ever necessary, the specifications should be supplemented with drawings/figures for additional clarity.

Related Discussions:- Specifications for contracts

Calculate the new interest rate and excel function pv, Continuing growth of...

Continuing growth of the company has required that we issue the company''s corporate debt soon. As you know, in 6 months we plan to issue $10 million worth of 20-year corporate bon

Modern approach, Meaning merits nd demerits of modern approch of financial ...

Meaning merits nd demerits of modern approch of financial management

Liabilities, Liabilities The company must take into account the nature ...

Liabilities The company must take into account the nature of its liabilities as well as its solvency position. Cash Flows: Besides the investment yields, money flows as paid

Negotiating and closing transaction, Negotiating and Closing Transaction: ...

Negotiating and Closing Transaction: A diverse set of skills and very thorough preparation is required for negotiating and closing a divestiture transaction. Facts and informat

Initial recognition of the financial instruments, a) On 1 st January 2010,...

a) On 1 st January 2010, Grimm issued 400,000 convertible £1 6% debentures  for £600,000.  The professional fees associated with the issue were £40,000 and the fair value of simil

Leverage, evaluate the importace of leverage in financial management of a s...

evaluate the importace of leverage in financial management of a small scale company

Facts about mortgages, Lenders in the US insist upon ...

Lenders in the US insist upon some kind of mortgage insurance. There are broadly two types of mortgage insurance - one is

Mid term quiz, iau.la/im/fin500.pdf need help with 100 questions with multi...

iau.la/im/fin500.pdf need help with 100 questions with multiple answers quiz!

Show the sales forecasting, A niche market targets a well-defined and speci...

A niche market targets a well-defined and specific market segment. Firms that operate in niche markets will therefore cater for the precise and distinct needs of their customers. D

Determine the proportion of debt and equity, Q. Determine the proportion of...

Q. Determine the proportion of debt and equity? Financing Decision: - This function is related to increasing of finance from different sources. For this reason the financial ma

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd