According to the Indian government, the previous model tender document was quite faulty and filled with loopholes. Thus, a few days back, the Finance Ministry of our country decided to make some modifications to it for more viability. As per reports, the newer drafting of the tender document has been modified in quite a few aspects.
To begin with, the language of the same has been standardized to make it easier for everyone to perceive it. The clauses, which were written within it, have been tailored as well. It was done to avert the contractual disputes that usually occur between the tender provider and the bidder.
It has also altered the core meaning of public procurement to some extent. Now, the term “ public procurement” depicts the purchase of products, services, and goods, which are provided by either the government or the public sector. It usually accounts for around 15% of the overall global GDP.
So, as we have gone through the basics of the brand new model tender document, let’s dive a bit deeper into it. Hopefully, after going through the whole write-up, you will be able to understand everything and differentiate the changes properly.
Everything You Need to Know About the New Model Tender Document
The aspects of the new model tender document that you should know about are -
- In India, government-based procurement constitutes around 30% of the overall GDP. Among these, the central government’s owning comprises the major chunk. However, it is, in essence, an estimated value. Thus, the quantity might increase or decrease depending on the tender proceedings.
- Currently, there is no proper or standardized nomenclature available for Indian public procurement. Instead, we tend to use a subtle amalgamation of European, American, and Indian nomenclatures. For example, the person, who is preparing and providing the tender, is known as the tenderer. On the other hand, the individual, who is bidding on the same project, is called a bidder.
- The recently developed standard bidding document seems to be a little bit different than the previous one. However, the modification was done to ease out the duality of the term “tender.” For example, the word “tender” should depict the tendering procedure as well as the required documentation. Conversely, the term “bid” will refer to the pitches of the bidder.
- The expression “tenderer” was previously used to depict someone who is bidding on a tender project. However, instead of it, one should use the word “bidder,” as it sounds much more viable than the previous one. The usage of “ bid document “ should not be used anymore as well, as it does not make proper sense. As per the new model tender document, this particular term might be changed as well!
Conclusion
So, are you currently looking for a website, which can provide you with authentic tendering offers? Then, you can always opt for BidAssist. The official site of the same is quite informative and integrated with a wide array of search options. Therefore, you can find the exact thing that you are looking for almost in an instant. Visit BidAssist today!
Originally published at https://onedio.co on January 25, 2021.
