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Substance of a bid
- this is a standard ,well convincing, secure and formal offer that clearly states all the fundamental requirements or terms and conditions to acceptance.
In general and at least:
1)specs,2) unit price,3) quantity,4) discount (if any),5) payment and delivery terms,6) warranty (for assets),7) delivery date
The following criteria together are considered as substance of a bid:
1. Conforming to the required Specifications as per bid document
2. Required Security deposit submission
3. Unit Price
4. Payment Terms
5. Delivery Terms
6. Warranty conditions
If a bid does not substantially conform the above points, the bid shall be considered NOT responsive to the bidding documents
After opening of the bids, these conditions cannot be changed. However, the supplier themselves or the purchaser may request for additional clarification on other issues, as required.
Can be defined as the standard evaluation criteria, based on which a one can choose a supplier or a subcontracror to hire for a given job, (i.e. price, delivery, etc..
It is the required details you should get from suppliers to be able to decide of which is the most proper one to select.
