Financial Turnover Clause Samples
The Financial Turnover clause defines the total revenue generated by a party, typically over a specified period, as recognized in their financial statements. This clause often outlines how turnover is calculated, what sources of income are included or excluded, and may require the party to provide supporting documentation or audited accounts. Its core practical function is to establish a clear and consistent basis for measuring financial performance, which can be used for determining eligibility, setting contractual thresholds, or calculating fees and obligations.
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Financial Turnover i) Average Annual Financial Turnover during the last 3 years ending 31st March of the previous audited financial year should be at least ₹. 22.63 Lakhs ii) P a s t E x p e r i e n c e Bidder shall have experience of having successfully carried out and completed Annual Rate Contract for Operation and Maintenance of HVAC System or similar work (Similar work means Operation & Maintenance of HVAC Plant having installed capacity more than 500 TR during last 7 years ending last day of the month previous to the one in which tenders are invited which experience should be any one of the following: i Three similar completed works, each costing not less than the amount equal to ₹. 30,17,530/- ii Two similar completed works, each costing not less than the amount equal to ₹. 37,71,913/- iii One similar completed work costing not less than the amount equal to ₹. 60,35,060/-
1. Bidders who have been issued orders for similar works in OMPL during the last 3 / 5 years and/or Bidders who has executed similar jobs in OMPL to provide Satisfactory Performance Certificate from OMPL.
2. Not under Holiday listing/Blacklisting period by any Govt. Body/PSU during the Tender period. An Undertaking to this effect to be submitted along with technical Bid. Note: Bidder is required to provide the following documentary proof in support of meeting Pre- Qualification Criteria along with their technical bid:
a) All above indicated amounts are exclusive of GST.
b) Pre-qualification criteria with respect to Prior Turnover and Prior experience may be relaxed for Micro & Small Enterprises (to the extent of 15%) as per GOI guidelines subject to meeting of quality and technical specifications. (For example, if PQC value applicable to other than MSE bidders is ₹. 100/- , the same shall be ₹. 85/- for MSE bidders).
c) Annual reports containing Audited balance sheets and Profit & Loss statement, in support of their fulfilling the qualification criteria.
d) Bidder shall furnish the relevant documentary evidence like work order copies with relevant pages of contract and SOR, Proof of Completion or completion certificates indicating value of work completed against above order, and any other documents etc. are required to be furnished along with Technical Bid substantiating the qualification towards relevant experience / technical criteria (Documentary proof to be attached along with Technical Bid in support of their fulfilling the qualification criteria).
e) Bidder to submit Self declaration for being ...
Financial Turnover. Average Annual Financial Turnover of the tenderer during the last three financial years ending on March 2020 shall not be less than Rs. 17 Lakhs. An attested/notarized copy of audited balance sheet and profit& loss Account for the preceding 3 years has to be submitted in proof of financial turn over. Year in which no turnover is shown would also be considered for working out the average financial turnover per annum.