Unit 44-LO2 Manage documentation relevant to tenders and contracts-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Contracts and tenders are important in any business. This article will tell you what steps to take to make sure your documentation is up-to-date and ready for when you need it.

Also Read: Develop a pitch to achieve a sustainable competitive edge

The context for tendering:

What are the key elements of an RFP document?

An RFP document is a way for customers to communicate what they want and need from products and services. Some parts of an RFP include:

  • Objectives: The problem they are trying to solve is the desired outcome.
  • Requirements: A list of IT requirements that are non-negotiable, such as how many CPUs you need. You also need to know which operating system versions you will be using on your machines. Requirements should also include information about performance needs, such as response times and throughput levels.
  • Evaluation criteria: Your vendor will deliver savings in the short-term and long term. The process will be more efficient and data will be safer when you have a good vendor. They can answer your questions anytime.

What is procurement?

It is the process of finding and obtaining goods.

A procurement professional buys things for their company. They buy supplies, services, and other things. They make sure that they have what they need to get more work done.

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Aside from understanding what your company needs, sourcing also involves forecasting trends. For example, you might need to make advance purchases or buy goods from different places in the world. Or you might design a product on the spot for a company that is too small or too specialized for normal vendors.

What are the different types of procurement processes?

There are two types of procurement processes, low-value and high-value.

Low-valued items have a lower cost with the more common being office supplies and small tools.

High-valued goods usually refer to products that carry a higher price tag and come with the percentage of riskier decision making.

The contractual process for both personal and classified information

Personal Information:

Clients are not required to sign a contract in order for us to maintain the confidentiality of their personal information. When an agreement is drawn up, it outlines the responsibilities and expectations of both parties involved which include the following things:

  • Creating and keeping safe all client information.
  • Providing access for clients to review their data at any time.
  • Taking advantage of new technologies that improve upon our current service offerings.
  • Facilitating secure client communications by providing encryption services to any email recipient.

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Classified Information:

It depends on the clearance level required and where you live. Some places need a lot of clearance so they may need to consult with their company’s attorney or outside counsel. But, it is important to be careful when deciding the classification levels in order to keep any mistakes from happening that could lead to discipline or termination.

The key elements of Master agreements and statements of work

Master agreements and statements of work are documents that you use for negotiations.

A master agreement has not been signed at the beginning of negotiations but it tells what a party expects to produce in the future.

A statement of work tells about specific tasks or roles related to an agreement or service.

Contract Law

Contract law is about the rules that make an agreement between two people. It defines when a contract is broken and what to do if it happens. A contract must have four points like offer, acceptance, timing, and consideration. Penalties are possible for breaking these rules.

Amending contracts and breaches of terms and conditions

Breaches of contracts or terms can happen if someone has been injured or if the product is not of good quality. The person who caused the breach will need to pay compensation for what happened.

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Fraud is one of the most common reasons for a breach. Fraud involves someone lying to get money from you by tricking you. There are laws against this. For example, GDPR and other laws protect people against fraud when it is done by companies who want your money, but don’t care about your safety or finances.

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