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Request – A request for purchasing an item or service can be made by any member of the team. These are vendors selling multiple low value products, eg stationery Preferred Vendors will be pre-screened and empanelled, with a pre-approved and negotiated price list. It goes without saying that, every purchase from an empanelled vendor will require negotiation of price and other terms.Ĭertain vendors may be designated as ‘Preferred Vendors’ and purchases can be made from them without calling for quotations. Empanelled vendors can be approached whenever an item needs to be purchased. Empanelling a vendor involves completing necessary checks on the desired product as well as background and other checks on the vendor. In order to make future purchasing easier, a business may empanel vendors of all items usually purchased in a year. You may also seek customer satisfaction reviews for high value items. One vendor should be finalised to make the supply, based on negotiated price, ability to supply and after-sales-service record. The technical specifications being similar, a commercial negotiation should be carried out with the shortlisted vendors. These may be revised periodically.įor larger or one-off purchases, including for lasting or capital assets, competing quotes should be called for, generally three. An appropriate discounted price should be agreed based on negotiated market prices. A single / regular vendor may be approached for repeated small purchases.
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We may periodically purchase equipment like laptops, printers and mobile telephones.Įffective purchasing requires that you know where the items you need are available ie a list of vendors with details of specifications, quality and price.
Porus 5 april 2018 professional#
In the service industry, we would generally purchase the tools of our trade, like newspapers, periodicals, books, online libraries, stationery, telephone subscriptions & professional services, or items / services to maintain a clean & efficient working environment, like office cleaning supplies and repairs and maintenance services or contracts. This excludes a few well-defined goods or services, like remuneration to staff. In accounting parlance purchasing refers to the act of buying, procuring or acquiring a good, service or capital asset.