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Most users ever online was 32 on Fri Mar 08, 2013 10:22 pm

WHY CONSULTANTS DON’T SUBMIT FINANCIAL STATEMENTS?

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WHY CONSULTANTS DON’T SUBMIT FINANCIAL STATEMENTS?

Post  YOUR VIEWS on Sat Oct 23, 2010 1:19 am

As a Contractor we have been participating in tendering process for more than 5 years now and in all cases we have been requested by the Procuring Entities to submit financial statements [audited account & balance sheet] to ascertain our financial muscles to comfort the Procuring Entities that the firm can execute the contract successfully. Recently it has come to our knowledge that our counterpart Consultants are not required to submit such information and when we asked them they just told us that this is not an issue to the assignment they are engaged.

Now, we are wondering whether the Public Procurement Act and regulations made under it [GN No.98] and Request for Proposals [RFP] issued by the PPRA assume that the Consultants are always liquid and the assignments they are engaged do not require the consultants to possess financial capability? If this is the case, where is the equity?

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