Document used in soliciting price and delivery quotations that meet minimum quality specifications for a specific quantity of specific goods and/or services. RFQ are usually not advertised publicly, and are used commonly for (1) standard, off-the-shelf items, (2) items built to known specifications, (3) items required in small quantities, or (4) items whose purchase price falls below sealed-bidding threshold. Suppliers respond to a RFQ with firm quotations, and generally the lowest-priced quotation is awarded the contract. See also invitation to bid (ITB), request for tenders, and request for proposals.
E-Governance project is gearing up in India and it is necessary to have Digital Signature. Creating trust in electronic environment involves assuring the transacting parties about the integrity and confidentiality of the content of documents along with authentication of the sending and receiving parties in a manner that ensures that both the parties cannot repudiate the transaction. The paper based concepts of identification, declaration and proof are carried through the use of digital signatures in electronic environment. Continue reading
Traditionally e-Tendering has been most commonly used by government agencies and the public sector rather than by the private sector. However, with increasing numbers of both business customers and consumers turning to the internet to research goods and services before making a purchase, e-Tendering is becoming a successful and efficient sales channel for a variety of organisations.
If we go by the definition of tender, then it is conceived as a well documented invitation to vendors and contractors for availing the supply of goods and services. Release of tenders is an important procedure towards the over all growth of business process. An organization can’t handle all the responsibilities of progressive supply of goods and service. More than anything else, it would need to recruit additional human resource to arrange the growing supply, which would certainly call for monetary investment for production on urgent basis. Continue reading
These days, with the increase in the demand of products and services, their constant and massive supply has become the call of the hour. Businesses, now-a-days, hardly rely on age old practice of managing all requirements on their own, and hence give way to Request for Proposal (RFP). If you go on to define RFP in layman’s language, then it stands for a procedure where a company releases documents, be it online or through any other means of contemporary advertisement, to elicit bid from vendors and contractors for requisite products or services. Continue reading