What are the steps to validate a bid estimate?

Expert Solution

Bid validation is a term mainly used in the domain of tender process. It is a process where we scrutinize and compare the bids to select the best offer in the field of work, services etc. Best offers means that lowest rate offered by contractor. The steps to validate a bid estimate are given below.

Preliminary examination: In this stage, the basic requirments to perticipate this bid process is examined. The documents i.e. tax paper, PAN etc are checked throughly. If any bid is not fulfill the specified requirment, then that will not be evaluated for further process.
Technical requirment examination: In this stage, the credential papers related their work are throughly checked. what type of works they have done, time of completion of project, quality assurance certificate.If any bid is not fulfill the technical requirment, then that will not be evaluated for financial examination.
financial examination: In this stage, ranking will be done bwetween the bidders based on their offered rate. The less percentage rate is also evaluated on the basis of market price.

After all mentioned process, the work order will be given to the lowest bidder. Some time post qualification is also done for lowest bidder which is based on the criteria given in bid document.

Ally Wells answered 1 year ago

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