Bid process management is bifurcated in many stages which require expert skill and expertise. During this process, several bid-related documents are floated. The selection of the private party is made on the basis of the evaluation of the applications.
The several stages leading to the selection of the successful bidder is divided into following stages:
1. Request for Qualification (RFQ) Document: During this initial stage the public sector entity request for the qualification of the private sector through competitive bidding. The public sector qualifying under this are shortlisted. RFQ entails the information of the project while complying with the parameters as decided by the public sector. The experts are allocated the preparation, drafting, and vetting of the documents and proper due diligence is carried out to meet the criteria set henceforth in the document.
2. Evaluation of Applications: After the RFQ, the applications are evaluated in terms of relevant experience and financial capability to carry out the project. It the applicant meets the criteria as set by the public sector in RFQ, the shortlisted applicant moves to the next stage.
3. Request for Proposal (RFP) Document: The RFP is prepared on the basis of the RFQ inviting the shortlisted private sector bidders. The shortlisted candidates are required to meet the criteria set in the RFP. The draft project information memorandum is enclosed with the RFP and draft agreement is also enclosed. These documents are prepared by the experts who are acquainted with the legal and regulatory mechanisms /compliances in relation to the Project.
4. Evaluation of qualification/proposal: the proposals submitted by the bidders are evaluated as per the criteria mentioned in the RFP.
5. Finalization of the successful bidder and signing of Agreement: the successful bidder who meets the criteria set by the public sector entity is selected and the Letter of Award (LoA) is awarded. The successful bidder is invited for negotiations. After the successful negotiations, the project is awarded and the agreement as enclosed with RFP is singed.
The expert services are required for these stages. We at B&B Associates offer our advice to our clients during the bidding process and prepare documentation with the utmost care and professionalism.
