The most common procedure was the tendering method (adjudication), in which the contract was awarded to the tenderer offering the lowest price.

(viii) The conditions under which the bidders will be able to bid and, in particular, any minimum differences in price or other features that will be required when bidding must be improved in any individual new submission during the auction and the time which the procuring entity will allow to elapse after receiving the last submission before closing the auction

(d) No person can have access to a tender prior to the time and date specified in the solicitation documents, or any extension thereto as the deadline for submission of tenders, and at which tenders are to be opened

Proposed revisions to article 31 of the Model Law, addressing the period of effectiveness modification and withdrawal of tenders, and to article 32 of the Model Law, addressing tender securities

However, as it cannot generally be known who would have submitted the next best bid had the auction continued (since bidders may withdraw without submitting their best bid, if other bidders bid too low a price and it may not therefore be possible to identify the second best bidder), negotiations would be required with all other bidders.

3. Investment promotion and suggested measures to further development objectives

Consequential changes to article 32(1) (which refers to withdrawal of the tender before the deadline for submission tenders as being one of the permitted purposes of a tender security), and article 32(2)(d) (which provides for the return of a tender security where the tender is withdrawn before the deadline for submission of tenders) also could therefore be made, as follows, with appropriate commentary in the Guide to Enactment.

It was also observed that the question of tender securities might need specific provision, in the light of the experience of certain delegations and observers that tender securities remained paper based documents, and simultaneous submission with electronic tenders might not be possible.

(e) Ensure that prospective bidders have sufficient time to respond (para. 94)

It is suggested that unlike in traditional sealed biddings where competitors have only one opportunity to bid, in ERAs, each bidder recognizes that it will have the option to provide successive bids and therefore has a little incentive to offer its best price and subsequently may never offer its best price.

(c) the originality of the construction, supplies or services proposed by the tenderer.

Enacting States or procuring entities may consider that the submission of tenders in non traditional forms would necessitate elaboration of special rules and techniques to guard the confidentiality of tenders and to prevent opening of the tenders prior to the deadline for submission of tenders, and to deal with other issues that might arise when a tender is submitted other than in writing (e.g., the form that the tender security would take).

Article 30. Submission of tenders

(1) quater The procuring entity should take account of the response supplied in evaluating the tenders.

The Administration concurs with this recommendation and will seek to ensure sufficient time for offerors to submit their bids or proposals.

When reviewing tenders, procuring entities, it was said, should be allowed to seek justification of prices if they suspected abnormally low tenders.

Consequential changes to paragraph (3) of article 31, which permits the withdrawal or modification of tender securities prior to the deadline for the submission of tenders without forfeit of tender security could therefore be made, with appropriate commentary in the Guide to Enactment.

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Proposed revisions to article 34. Examination, evaluation and comparison of tenders

As a result the original lowest bidders were requested to revise their proposals to reflect the manpower levels reflected by the second lowest bidder.

As to the four criteria of safety, liquidity, profitability and convertibility, they were interrelated and all four were taken into account in deciding on the investment recommendations made to the Secretary General.

The procuring entity shall rank the tenders on the basis of the features of tenders that are not to be presented in the auction in accordance with the award criteria.

The Guide to Enactment refers to additional rules and techniques that might be needed, for instance to guard the confidentiality of tenders and prevent opening' of the tenders prior to the deadline for submission of tenders .

(vi) The information that will be made available to bidders in the course of the auction and, where appropriate, how and when it will be made available

158. It was suggested that paragraph 70 should clearly recommend the submission of tender securities by project consortia.

The Board recommends that the Administration ensure that prospective bidders have sufficient time to respond.

Secondly, integrity the system should prevent any reading or alteration of the contents of tenders submitted before the time stipulated for opening (for example, by using encryption technologies, locking all tenders, ensuring that tenders cannot be decrypted before the scheduled opening time, ensuring that only authorized persons can set or change the opening time, perhaps requiring two authorized persons).

Proposed revisions to article 34(1) of the Model Law, addressing the examination, evaluation and comparison of tenders

In measuring risk, it was also important to keep the investment objectives and time frame in mind.

(iii) The requirements for registration and identification of bidders at the opening of the auction

(iii) Electronic submission of tenders, proposals and quotations

As a general rule, when making recommendations about good indicators , two main criteria should be kept in mind

(7) Where appropriate, any reference to a tender in the Model Law the reference to a tender in articles see paragraphs 33 and 34 below shall be read to include a reference to an initial tender submitted in a procedure involving an electronic reverse auction.

If its is intended that a bidder from a punctual Member State may be preferred over bidders from Member States in arrears (even if these offer better quality for better price), it would seem necessary to establish a range of price variation above the lowest acceptable bidder within which the decisive criterion would be the nationality of the bidder (for example, a higher bidder may be selected in no more than x above the lowest acceptable bidder).

In 1993 and 1994, the broker for the Headquarters property policy was also requested to submit a proposal for the foreign property programme.

(a) The public distribution of information relating to procurement procedures and contracts, including information on invitations to tender and relevant or pertinent information on the award of contracts, allowing potential tenderers sufficient time to prepare and submit their tenders

If obtaining additional coverage was considered a priority, then that should have been clearly reflected in the original request for proposals.

(1) The purpose of paragraph (1) is to enable the procuring entity to seek from suppliers or contractors clarifications of their tenders in order to assist in the examination, evaluation and comparison of tenders, while making it clear that this should not involve changes in the substance of tenders.

20. The Administration has stated that the reporting facility in the Reality system, the Division s procurement software, provides comprehensive information on the purchase orders, such as the basis of award whether lowest acceptable bidder or any of the eight permissible exceptions to bidding, which are recorded at the time of creating the purchase orders.

(v) The features of the tender that are to be presented at the auction

Electronic submission of tenders, proposals and quotations

Objective 6. Develop an investment policy and asset allocation which reflect the Fund's strategic purpose of funding liabilities.

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On the other hand, it was observed that for the electronic reverse auction to function correctly and ensure that bidders priced their bids realistically and provided their best offers, bidders would be required to know the cost structure of their bids in detail. Prime contractors in complex construction contracts would not have such knowledge as regards the subcontracted elements of their bid.

Collusion can occur in the ERA when two or more bidders work in tandem to manipulate the price of an auction, or, alternatively, when a seller uses shells to enter fake bids and drive up the asking price.