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subject: Tenders Terminology , Open Tenders, Rate Contracts, Emd [print this page]

Open Tenders:
Open Tenders:

whereby any interested supplier/contractor may submit a Tender

Limited Tenders or Close Tenders:

whereby any supplier/Contractor may request to participate.

Only those who are approved by the tendering authority may be allowed to participate

in a Tender.

Rate contracts:

It is an agreement between tendering authority and one

or more suppliers, the purpose being to purchase commonly used items for a specific

period of time(validity of Agreement) at approved rates. The agreement may be for

a particular product, price and period

Forward Auctions:

It is a process to dispose or sale non-serviceable articles

lying with the government department. The bidders may be invited to participate

in an Auction where the bidders try to outbid a highest offer. The auction is held

for a specific period of time called auction hour(s)

Reverse Auction:

Reverse auction procedure can be utilized as an extension

to the awarding phase of a tendering procedure. The bidders may be invited to quote

lower than the opened prices to facilitate the tendering authority to get better

prices to the tender.

Vendor Enlistment:

Is a process to enlist or empanel a supplier/contractor

with a particular department, which maintains a database of such enlistment or empanelment

with products manufactured or Category/class of works.

NIT:

Notice Inviting Tender

Earnest Money Deposit (EMD):

"Earnest Money Deposit" means the amount required to

be remitted by a tenderer along with his tender indicating his willingness to implement

the contract.

The tender documents shall require all tenderers without exception to pay an earnest

money deposit ordinarily not exceeding one per cent of the value of the procurement

by means of a demand draft, bankers cheque, specified small savings instruments

or where the procuring entity deems fit, irrevocable bank guarantee in a prescribed

form. The tender documents shall clearly state that any tender submitted without

the earnest money deposit in the approved form be summarily rejected provided that

any category of tenderers specifically exempted by the Government from the

payment of earnest money deposit will not be required to make such a deposit.

Security Deposit (SD):

The tender documents shall require that as a guarantee

of the tenderers performance of the contract, a security deposit be taken from

the successful tenderer subject to the conditions that -

(a) the amount of the deposit not exceeding five per cent of the value of the orders

placed: and

(b) the deposit being in the form of demand draft or bankers cheque or specified

small savings instruments or where the procuring entity deems fit, irrevocable bank

guarantee in a prescribed form

Tender Documents:

Tender Documents mainly contains Technical Specifications,

Commercial Term & Conditions, Bid Evaluation criteria, eligibility criteria, Technical

Bid Formats , Price Bid Formats, Formats of EMD & SD, Clarification to Tender Documents

Corrigendum:

At any time after the issue of the tender documents and

before the opening of the tender, the Tender Inviting Authority may make any changes,

modifications or amendments to the tender documents and shall send intimation of

such change to all those who have purchased the original tender documents and upload

corrigendum for the information of those who have downloaded the tender documents

from the website.

Pre Bid Meeting:

After purchasing a tender document, if a Contractor seeks

some clarifications in some clauses mentioned in the tender document, he can raise

the same at the time of pre-bid meeting.

Item Rate Tenders:

In this type of Tenders the contractors are required

to quote the rates for each item mentioned in the price bid. The quantity to be

executed is given in the price bid.

Percentage Rate Tenders:

In this type of Tenders a detailed estimate of the quantity

of work to be carried out along with the estimate rates is given in the price bid

form. The Bidders are required to quote the amount in percentage above or below

or at Par.

by: Swapnil Anand

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