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Page 1 of 26TENDER DOCUMENTSProcurement of HVAC, Generator & TransformerNUTECH / SCM /HVAC, Generator & Transformer 2021 / TD207NATIONAL UNIVERSITY OF TECHNOLOGY Page 2 of 26TENDER NOTICENational
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Gather all necessary information such as pricing, terms and conditions, and scope of work.
02
Contact the supplier or vendor to discuss the rate contract agreement.
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Review the contract thoroughly to ensure all terms are understood and agreed upon.
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Organizations that require consistent pricing for goods or services over a specific period of time.
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Annual rate contract is a type of agreement between a buyer and a seller where the buyer commits to purchasing a certain quantity or value of goods or services from the seller over a period of one year at pre-determined prices.
Typically, companies or organizations that regularly procure goods or services on an ongoing basis are required to file annual rate contracts.
To fill out an annual rate contract, you need to include details about the parties involved, the scope of work, pricing terms, delivery schedule, and any other relevant terms and conditions.
The purpose of an annual rate contract is to establish a long-term relationship between a buyer and a seller, streamline the procurement process, and ensure that goods or services are available whenever needed.
Information that must be reported on an annual rate contract includes the names of the parties involved, a detailed description of the goods or services being procured, pricing details, delivery schedules, and any other relevant terms and conditions.
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