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NATIONAL TRANSMISSION CORPORATION CORPORATE SERVICES GROUP TransCo Annex Bldg., Dalian, Quezon City Tel. Nos. 902-1523/21 Fax Nos. 914-6209/13 SUPPLIER S TECHNICAL /PRICE QUOTATION FORM (SHOPPING)
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How to fill out bid price validity

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How to fill out bid price validity:

01
Start by reviewing the bid invitation or request for proposal (RFP) document thoroughly. This will provide you with the necessary information regarding bid submission requirements, including bid price validity.
02
Determine the length of the bid price validity period required by the procuring entity. Typically, bid price validity refers to the duration for which your submitted bid price will remain binding and valid.
03
Take note of the exact language specified in the bid invitation or RFP regarding bid price validity. This will ensure that you understand and comply with the specific requirements stated by the procuring entity.
04
Calculate the length of time from the bid submission deadline that your bid price will remain valid. This will typically involve adding the bid price validity period to the bid submission deadline.
05
Ensure that your bid price remains competitive and financially viable for the entire duration of the bid price validity period. Consider factors such as market fluctuations, potential changes in costs, and any other relevant considerations.
06
Clearly indicate the bid price validity period in your bid submission. This can often be done by mentioning the specific number of days or months for which your bid price will remain valid.

Who needs bid price validity?

01
Government agencies: When procuring goods, services, or construction projects, government agencies often require bid price validity to ensure that the selected bid is still valid and reflective of market conditions.
02
Private organizations: Similarly, private organizations may also require bid price validity to protect themselves from fluctuations in pricing or to ensure that vendors cannot withdraw their bids after a certain period.
03
Contractors and suppliers: Contractors and suppliers participating in the bidding process are also concerned about bid price validity. By specifying a bid price validity period, they can ensure that their bid prices are considered and evaluated fairly within the predetermined timeframe.
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Bid price validity is the period of time for which a bid price remains valid.
All bidders participating in a tender process are required to file bid price validity.
To fill out bid price validity, bidders must include the period for which their bid price will remain valid.
The purpose of bid price validity is to ensure that bidders commit to their quoted prices for a specified period.
Bid price validity must include the period for which the bid price is valid and any terms or conditions related to the validity period.
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