A tender advert appeared in the print media on 12th March2020 to run for four (4) weeks. A week from the date ofissue, it was discovered that the conditions of contractwere not included in the bidding document. So far, a goodnumber of prospective bidders had already accessed thedocument. The tender was due to close on 9th April 2020and no extension were allowed because the procurementunder discussion was very urgent.REQUIRED:Explain the steps you would take as a procurement expertto normalize this situation?

Procurement is a vital business function. When managed efficiently and done well, it can help…

Answered: A tender advert appeared in the print…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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What is meant by contractual closure or closeout? Explain with the help of suitable examples.
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: Iqra University plans to launch its new campus at Bahria Town Karachi. Thiscampus will facilitate media science and business studies. For a complete setup, the procurementdepartment will have to facilitate a number of purchases including equipment, lab facilities andgeneral items. Develop a procurement strategy for this new campus. You are required to prepare amatrix showing, the nature of purchases, types and requisitions required for the completesetup.
“Did the Austin wedding contract you were working on go out yet?” asked Tonya Roberts, the executive director of the downtown convention center operated by the city of Springdale. “Yes, I mailed it to them yesterday after we talked about it,” replied Lara, the Center’s DOSM and revenue manager for space rental. “Why do you ask?” “I just got off the phone with the mayor’s office. They want to hold a big fundraiser for his reelection campaign in the ballroom the same night the Austin wedding wanted to reserve it. The wedding was for 200 people right?” continued Tonya. “That’s right. 200 people at about $150 a head; it’s a nice piece of business. About $30,000,” said Lara. “Well the mayor expects 1,000 people, at $100 per person. And don’t forget, he’s the boss. We can’t hold both events. I need you to call the Austins and tell them you made a mistake. Tell them the room is already booked that night. They’ll need to find another space.” What would you advise Lara to do if she asked you…
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