Common use of FINANCIAL EVALUATION Clause in Contracts

FINANCIAL EVALUATION. The bidder must submit their financial bid through online to be available as BOQ. No hardcopy of financial bid shall be submitted alongwith the tender. The financial bid shall be opened of only those bidders who have been found to be technically eligible. The financial bids shall be opened in presence of representatives of technically eligible bidders, who may like to be present. The Institute shall inform the date, place and time for opening of financial bid. Arithmetical errors shall be rectified on the following basis. If there is a discrepancy between the unit price and total price that is, the unit price shall prevail and the total price shall be corrected by the Institute. If there is a discrepancy between words and figures, the lesser amount shall be considered as valid. If the Supplier does not accept the correction of the errors, his bid shall be rejected. The evaluation and comparison of responsive bids shall be done on the price offered inclusive GST as indicated in the Price Schedule in Chapter 6 of the Bid Document. The bidder must quote their GST separately for their quoted items as mentioned in the BOQ. Failing to do so leads cancel their bids. The JMCH, Jorhat does not bind himself to accept the lowest bid or any bid and reserves the rightof accepting the whole or any part of the bid or portion of the job offered; and the bidder shall provide the same at the rates quoted. The JMCH, Jorhat reserves the right to reject any or all offers received in response to tender or cancel or withdraw the tender notice without assigning any reason, whatsoever.