Tender System
TENDER SYSTEM
Description also available in video format (attached
below), for better experience use your desktop.
Introduction
·
Tender refers
to an invitation by an owner to someone for executing a task/work at a specific
cost in a specified time
·
Generally it is published in the form of
notice in
o
News Paper
o
Notice Boards
o
Gussets
o
Websites etc
Tender
Types & Procedure
·
Types
o
Open tender (A written
document between the Owner & Contractor for small things to be performed)
o
Sealed tender (Generally
invited for important & huge projects and required wide publicity)
o
Limited tender (Limited
to the selected number of Contractors)
o
Single tender (Invitation
given to only a single firm)
o
Rate Contract (Specifies
the supply at a fixed rate during the period of a contract)
·
Procedure
o
Prepare the documents of the tender
o
Inviting for tender by notice
o
Submission & opening of tenders and their
scrutiny
o
Tender acceptance
o
Award of Contract
Tender
Information
·
In Tender Notice
o
Name of the inviting authority
o
Work type and location
o
Last date and time for the tender submission
o
Tender cost, time completion and type of
contract
o
Date, time, place of opening of the tender
·
In Tender Documents
o
Terms & conditions of the tender
o
Schedule of tasks with clear specifications
o
Layout plan
o
Nearest road/railway link
o
Detailed specifications or standards for each
item of work
o
Architectural & Structural drawings
o
Weather conditions in that area
Common
Terms Used With Tender
·
Short Tender Notice
o
When the work completed very quickly then a tender
notice is again published by the client
·
Quotation
o
An offer of owner to the contractor for
quoting rates for work & supplies required
·
Earnest Money Deposit
o
EMD is the amount of
money that is needed to be deposited to the department by the contractor
quoting a tender
o
Basically it is a guaranty against the
refusal of any contract after the acceptance
o
Contractors whose tenders are not accepted their
EMD will be refunded
·
Liquidated Damages
o
Amount of compensation paid by the contractor
to the owner because of delayed construction
·
Un-liquidated Damages
o
Amount of money payable when the contract is
broken
Video
Description
·
Don’t forget to do
these things if you get benefitted from this article
o
Visit our Let’s
contribute page https://keedainformation.blogspot.com/p/lets-contribute.html
o
Follow our page
o
Like & comment
on our post
·
Comments