What is Financial bid?
A financial bid is the part of a tender bid that contains the bidder’s prices, opened only after the technical bid has been evaluated and accepted.
What is a financial bid?
The financial bid, also called the price bid or commercial bid, contains your quoted rates and total price. In a two-bid system it is submitted in a separate cover from the technical bid.
The buyer opens financial bids only for bidders who qualify in the technical evaluation. The price bids of the others stay unopened.
What it contains
Most e-procurement portals take the financial bid as a locked BOQ spreadsheet. GeM asks for prices in its own online form.
- The priced BOQ or price schedule, in the format given in the tender
- Taxes such as GST, shown the way the tender requires
- Freight, installation, training or other charges, if quoted separately
- Any discount, only in the way the tender allows
Tips for bidders
- Do not mention prices anywhere in the technical bid; this can lead to rejection
- Fill every item. Depending on the tender, a blank rate may be read as zero or make the bid incomplete
- Check figures in words and in numbers; where they differ, tenders usually say which one prevails
- Avoid conditional offers in the price bid unless the tender allows them
Common questions
Common questions about Financial bid in government tenders.
After technical evaluation is complete. Only technically qualified bidders’ financial bids are opened, often on a date announced on the portal.
In most Indian tenders, financial bid, price bid and commercial bid mean the same thing. Some tenders use “commercial” for terms and conditions, so read carefully.
You can usually modify or resubmit before the deadline. After the deadline, prices change only through a process the tender allows, such as a reverse auction.
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