Any raise in the Qualified Bid price is subject to a Master Bid deadline and the parties are required to submit a Current Estimate, a Master Bid package, a Proposed Master Bid, and a Proposed Estimate on or before the Release of Final Draft (RF) and Submit Final Offer on or before the Release of Final Draft (F.A.Q.). Any raise in the Price that results is subject to a Reduction of Price (ROI), which is described below. If a Proposed Master Bid or an Estimate package contains a Reduction in Purchase Price, the seller should include this Reduction in his Offer. The description of ROI in the above sections explains what the reduction means and its effect on the Proposed Purchase Price. The amount of reduction to be applied to the Proposed Purchase Price is calculated by multiplying the Current Market Price by the reduction percentage.
Most sellers contract with experienced procurement vendors to create their customized offer structures, including a Qualified Bid, a Master Bid, and a Proposed Master Bid, which is used to present the items offered for sale to prospective buyers at the sale auction. Some of these vendors also prepare and maintain complete client information packets (KIPs) and sales brochures. Many offer a combination of these services. At the auction itself, Qualified Bid and Master Bid candidates are evaluated based on the lowest selling price. After all of the qualification of Qualified Bid and Master Bid candidates has been completed, the seller will present his most competitive offers to the buyer.
One of the benefits of working with a procurement vendor is that they will help you identify strong Qualified Bid candidates who meet your unique production, shipping, and support requirements. It is important to remember that only those bidders who meet the highest qualified bid requirements are chosen for the final bidding process. Once you have decided to work with a particular vendor, it is important to meet with them to discuss contract specifics. This will ensure that your projects are moving as quickly as possible to close.