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Most users ever online was 33 on Wed Jan 25, 2017 6:48 pm

DETERMINE FINANCIAL SOUNDNESS IN BIDS EVALUATION

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DETERMINE FINANCIAL SOUNDNESS IN BIDS EVALUATION

Post  YOUR VIEWS on Sat Oct 23, 2010 12:23 am

One of the qualification criteria which bidder must meet prior to awarding the contract is the financial soundness /resources/capability pursuant to R14(1)/98/2005 [Qualification of suppliers, contractors, service providers or asset buyers]. In tendering process, in most cases bidders are requested to submit such as Financial Statements [audited account/balance sheet] for the past 3/5 year in the Instruction to Bidders Clause relating Documents Establishing Eligibility and Qualifications of the Bidder and in the Form of Qualification. Furthermore, bidders are also required to avail information such as working capital or line of credit/credit facilities of certain amount depends on the magnitude of the contract to be executed as well as average annual turnover for past 3/5 years.

It has been observed that most Procuring Entities require bidders to submit financial statements with their bids but evaluation of the same is not done apart from indicating that the financial statements [audited account & balance sheet] have been submitted. Moreover, most bidders have been lodging appeals in the relevant authorities purporting that the criteria regarding to submission of the financial statements were not clear, diverging interpretations and evaluations of the same contravened the criteria set forth in the bidding documents and legislation since the criteria were not applied accordingly during evaluation.

Please forum members I need your assistance on how should the Procuring Entities set their criteria in the bidding documents regarding the financial statements as well as how the same should evaluated so that bidders and procuring entities are in the same page.


YOUR VIEWS

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