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What is NIT, EMD, Pre-bid meeting, tender value and covers in Tender ?| Session-2 | ReinforceQST

Importance of Tender Components: Some of the tender components are important to know for the contractor and for the Civil engineer who is going to participate in tender E-Bidding through the E-Procurement portal website. The following are the important components/items in Tender: 1. NIT(Notice Inviting Tender) 2. BOQ(Bill of Quantities) 3. Tender Value 4. Tender Fee 5. EMD 6. Stage of Bidding 7. Pre-bid meeting 8. Post-bid meeting 9. Cover information 10. Bid value NIT (Notice Inviting Tender): NIT is the important item in which all basic important information related to tender is provided as BOQ detail, Technical specification, no. of covers, Bid validity, etc. BOQ (Bill of quantities): BOQ is a financial estimated budgeted amount with all detailed items/descriptions with their quantity and its items rate. There are three types of BOQ from client to contractor: • Percentage rate wise BOQ • Item rate wise BOQ • Single line percentage-wise BOQ BOQ is the important component against every eligible contractor who quotes their rates as a bidding amount. Tender value: Tender value is the project value or BOQ amount. Tender FEE: The tender fee is the fee that has to be deposited by every eligible contractor before participating in Tender bidding i.e. non-refundable to any contractor. EMD (Earnest Money Deposit): EMD is the deposit amount that has to be deposited by every contractor who is willing to participate in the bidding procedure. EMD might be in some percentage of tender value or in a fixed amount. EMD is refundable to those eligible contractors who did not get a project. EMD is converted into a security deposit amount after bidding for the final contractor who got the project. Stage Bidding: There is two-stage of bidding: • Single-stage Bidding: Only financial Bidding • Double stage bidding: Both technical and financial Bidding Pre-Bid meeting: The pre-Bid meeting is a meeting between the client and all those interested eligible contractors who want to participate in bidding to discuss related BOQ, Technical specifications, etc. This meeting will be organized by the client before bidding. Post Bid Meeting: After Bidding and Bid Evaluation, the final contract will be called by the client for a meeting to discuss further details like the Date for the contractual agreement and documents required for the contract, etc. A client can also try to negotiate the final contractor’s bidding amount in post Bid meetings etc. Cover information: Two types of cover: • Technical cover • Financial cover Bid Validity: The Bidding by the contractor will be valid for a certain period of days. Tender and Contract Session -1 :    • Видео   #NIT #BOQ #EMD #tenderfee #stageofbidding #civilengineeringtraininginstitute​​​​​​ #civilengineeringlectures​​​​​​ #civilengineeringtutorial​​​​​​ #reinforceqst​​​​​​ Download NOW: Reinforce Civil Engineers Learning App 👉🏻Android App Version: https://play.google.com/store/apps/de... 👉🏻IOS Version: https://apps.apple.com/in/app/myinsti... Org code : avywj 👉🏻Web Version: https:http://web.reinforceqst.com/ For assistance and Queries you may call or whatsapp at +919711155585 , 9958731610 For more updates join us Telegram Channel: https://t.me/joinchat/F-LY5s4olDw2MjVl Call or WhatsApp at +919711155585 Follow Us on; Facebook:   / reinforceqstpl   Instagram:   / reinforce_qst   Twitter :   / reinforce_qstpl