Request for Quotation Steps & Procedure
A Request for Quotation Procedure can be defined as a process whereby a minimum of 3 written quotations are collected from relevant suppliers. If the supplies requested are between Rs 15,000 to Rs 99,999 then open quotes are acceptable. However of the supplies requested are between 100,000 to 999,000 in that case only sealed quotes would be acceptable.
All written quotations should be either on supplier’s headed paper or on Organizational Request for Quotation form (RFQ). If an RFQ form is used, it should only be acceptable if the supplier’s signature and stamp are in the relevant section of the form. Sealed quotations should only be sought from reputable suppliers or from a list of pre-qualified suppliers (See section 7 of this manual). Once quotations have been collected a formal evaluation process should be completed. For details on this process, please refer to Quotation Evaluation.
When a Request for Quotation Procedure is applied, the following process should be followed by the relevant parties:
Step 1:- Prepare and approve Supplies Request
Step 2:- Issue RFQ’s to reliable or pre-qualified suppliers specifying date on which they should be returned.
Step 3:- Collect a minimum of 3 written sealed quotations, preferably on supplier headed paper but alternatively on organizational RFQ’s, signed and stamped
Step 4:- Complete quote evaluation process
Step 5:- Place Purchase Order or sign Contract with supplier
Step 6:- Goods Delivery Note received from Supplier (not always the case)
Step 7:- Inspect Goods and complete organizational Goods Received Note
Step 8:- Update room registers or asset registers where appropriate (Engrave or mark assets)
Step 9:- Receive Invoice from supplier and pay accordingly
Step 10:- Receive receipt from supplier
Step 11:- Update Supplier Lists (e.g. New suppliers, supplier performance) & Price Lists