Essay: Tendering process

The tenders must have the prices indicated in ink, Saudi Currency as well as in numbers and in words. Amending of the quoted price is not permissible. The bidders should duly execute the tenders. The prices which have been quoted cater to all the obligations and expenses underlined in the tender. The tenders must be accompanied by a bank guarantee of not less than 1 % of value of the tender (Quiggin, 1996).

After the tender session has been opened for a particular time in public, they are examined, dissected and assessed to ensure that they meet the set out criteria and specifications. (Spackman, 2002), The Committee in charge of the tendering process may seek assistance and guidance from specialists and experts before making the final recommendation to the concerned authority.

If the tender exceeds the SR 1, 000, 000 mark, the law requires that a formal contract be drawn between the administrative entity on one hand and the contractor on the other hand. This is to be done as soon as possible after the notification of the contract has been issued. The contractor who has won the contract has an obligation of providing a guarantee which is not less than 5% of the contractual value. If the contract is estimated to be below the SR 1,000,000 mark, the contract will be performed through a letter of assignment (Quiggin, 1996).

These are model essays please place an order for custom essays, research papers, term papers, thesis, dissertation, case studies and book reports.