What is bid validity in GeM?

The Seller participating in the e-bidding / RA may offer any one of their product(s) already listed on GeM. The bid submitted under e-Bidding / RA shall remain valid for 15 days (or as stipulated by the Buyer in the bid document) from the Bid Opening Date (till 24.00 Hrs IST).

What does bid validity mean?

Bid Validity Period means the period of time subsequent to the closing date for submission of bids for which the bid price and the conditions of the bid are not subject to any change by the bidder.

What is duration of bid validity?

8. Validity of the bid should be 90 days from the date of opening of tender. 9.

How do you extend the bid validity on GeM?

(iii) Bid Validity can be further extended for a maximum period of 90 days from the Bid Opening Date with mutual consent between Buyer and Seller. (iv) Any amendment / corrigendum to the e-bid invitation issued by the Buyer will be made online and shall be uploaded on the GeM.

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What is bid security validity?

Bid Validity

Bids shall remain valid for the period specified in the BDS which shall not exceed one hundred twenty (120) calendar days from the date of the opening of bids. … A Bidder may refuse the request without forfeiting its bid security, but his bid shall no longer be considered for further evaluation and award.

What is a validity period?

Definition(s): The period of time during which a certificate is intended to be valid; the period of time between the start date and time and end date and time in a certificate.

What is offer validity period?

Offer Validity Period means the period stated in the Invitation to Offer or Request for Quote (as applicable).

What is price validity?

Price validity . , means the period of validity which (Name of Company) is required to keep the price valid.

What is proposal validity?

Validity of Proposal means the period for which the Proposer’s proposal must remain valid after the submission date.

Can single bid be accepted?

Even when only one bid is submitted, the process should be considered valid provided the procurement was satisfactorily advertised and sufficient time was given for submission of bids, the qualification criteria were not unduly restrictive and prices are reasonable in comparison to market values,” the government said …

What is Golden parameters in GeM?

Golden Parameters of a catalogue are those specifications which have maximum impact on technical aspects. This may directly or indirectly impact the cost of the product.

How do I know if my GeM is tender?

You can search gem tender by your product category and services. Contact our customer support team for GeM Registration. Give us call to register your company with GeM Portal. The Government e-Marketplace (GeM) is a government-e-commerce portal.

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For what amount bidding is mandatory in GeM?

Except for direct buying up to Rs. 25,000/- subject to establishing the reasonableness of price, the bidding will be mandatory for procurements above Rs. 25,000/-.

What is the purpose of bid?

Bidding is used to determine the cost or value of something. Bidding can be performed by a person under influence of a product or service based on the context of the situation. In the context of auctions, stock exchange, or real estate, the price offer a business or individual is willing to pay is called a bid.

What bid security means?

Bid Security means the deposit of cash, certified check, cashier’s check, bank draft, money order, or bid bond submitted with a bid and serving to guarantee to the owner that the bidder, if awarded the contract, will execute such contract in accordance with the bidding requirements and the contract documents.

Is a bid Security refundable?

The bid security implies a possible material loss in case it is forfeited, while a bid securing declaration entails a potential loss of future bidding opportunities.