IOCL Tenders: Understand the Application Process and How they are Evaluated

IOCL, often known as Indian Oil Corporation Ltd or Indian Oil, is one of India’s main government tendering authorities. It issues tenders in a variety of categories, creating numerous business opportunities for Indian SMEs. IOCL, like other government tendering authorities, publishes all tender notifications on various government websites and invites bidders to bid so that they may determine who can give the best quality at the best price. BidAssist can help you find relevant tenders issued by Indian Oil Corporation Limited or for the state government as well. If you wish to understand in knowing the application process of IOCL e tender or even etender Haryana on the BidAssist website and how your application will be evaluated, continue to read below. 

What is the IOCL Tender Procurement Process?

Follow these basic measures when bidding for an IOCL e tender or any other government authority to boost your chances of obtaining a tender:

• Once you have signed up for BidAssist, you may easily download the IOCL e tender document for any state in India.

• Read the tender document thoroughly and go through all of the terms and conditions of the services to be procured by the IOCL tendering authority.

• Before creating a plan on how to write a bidding response, review previously awarded contracts that include information such as project time length and the money given to the contractor.

• After you have submitted your application, the IOCL tendering authority will verify all of the suppliers who have applied for bidding, and the supplier or organization will be added to its ‘list of approved suppliers.

• On their official website, bidders can track the status of the tender they submitted. Contracts are awarded to the shortlisted bidders once the tender procurement process is completed.

How my Tender Will be Evaluated?

Do you know what happens when you submit the IOCL e tender? Let’s understand the tender evaluation process. Everything starts when the tendering authority issues a tender notice. They post the requirement on their websites and/or in newspapers. The bidders who are interested in the tender and are eligible must then submit their proposals along with the pre-qualification offer. Following that, the tendering authority evaluates their proposals. Let’s take a look at the steps of tender examination.

Pre-Qualification Stage: The tendering authority’s tender evaluation committee opens bids in the pre-qualification round. To ensure transparency, IOCL e tender is opened in front of the bidders and their representatives. The venue, time, and date are all provided ahead of time. A checklist is used by this committee to determine which bidder is technically and financially sound. The pre-qualification checklist includes the following information and accompanying documents:

• Annual audit reports over the previous three to five years
• Licences that are relevant
• The project’s infrastructure requirements
• Certifications in the industry
• Documents such as sales tax/VAT/registration certificates, PAN/TIN numbers, and so forth.

Earnest Money Deposit: Bidders must provide EMD after the tender evaluation committee certifies that they have completed pre-qualification bids with all appropriate documents. This is the next stage of the tender evaluation process. A bidder that matches the minimal criteria is required to make a deposit of a specified amount of money. This deposit guarantees the seller’s bid. When this stage is over, the committee will proceed to the technicalities.

Technical Bid Evaluation: The technical aspects of the bidders are extensively reviewed at this stage. Each project has its own set of technological needs and it is expected from a bidder to be able to easily fulfil them. To rank bidders, the committee employs a point system ranging from 0 to 10. The following are the many aspects of the criteria:

• Professional experience
• Compliance checks for sellers’ required licences and certificates, and so on.
• Performance in the past
• Infrastructure and manpower required

The committee decides on a cut-off percentage after assigning a score to each seller. Everyone who meets the cut-off is eligible for financial bid evaluation. 

Finally, the Financial Bid is Evaluated: The lowest bidder is marked as B1, then B2, and so on. The bidders are divided in this manner, and the points are then calculated. To make things easier to grasp, we’ll limit the number of bidders to three. Assume the lowest bidder received 50 points. This is how the points of the other bids are calculated:

This formula would be used to calculate the B2 score:

B2=50-(50/B1*(B2-B1))

As previously stated, the B3 score would be: B3=50-(50/B1*(B3-B1))

All bidders’ points are computed in this manner. The sum of technical bid evaluation points and financial bid evaluation points determines the final score.

The bids are then shortlisted and brought in for further negotiations. Bidders can discuss the project and clarify any questions they have with the tendering authority. Following this, the evaluation is finished, and a bidder is chosen. Tender evaluation is a thorough process. It may appear challenging to pass through all of the phases and be selected for a tender.

Also Read: Why Industrial Sustainability is the Need of Hour?

How to make sure you win the Contract?

The most important step in winning an etender Haryana is to analyze the tender request and prepare a suitable answer that persuades the buyer to award the tender contract. Here are some pointers to help you win tenders:

• Examine the tender specifications thoroughly.
• Examine the evaluation criteria to gain a better understanding of the requirements.
• Your response should be well-structured
• Under the tender specifications and see if you can come up with a creative solution that is in line with current market trends.
• Analyze the opposing bidders and produce a bid that is superior to theirs.

If you are an MSME or SME wishing to engage in the tender process, it is best, to begin with, a small etender Haryana government or other PSUs come up. You can sign up on the BidAssist portal to get timely updates. Small projects will show you how the tender process works in India. This will assist you in developing your knowledge for future assignments.

At last, 

Do you want to grow your business with the help of tenders? Earlier government procurement portals made it difficult to understand the requirements of a project but now the third-party aggregators such as BidAssist have made it easy to view the tender, get notified of the last date, know the detailed description of etender Haryana or any other state government tenders.