Approved Rate Contracts

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Purchase Admin


Quotation » Approved Rate Contracts


  • For consumables, quotations are invited for a list of items from different vendors.
  • Purchase department gets a rate list approved by the purchase negotiation committee, which is valid for a certain period of time.
  • All the future POs that are generated during that particular period for the items listed in Rate List are generated as per the approved rate list price.
  • Purchase related steps such as inviting quotations to reaching negotiated price is not done while generating POs for the items listed in Rate List during that period.
  • While generating POs for items mentioned in the Rate List, a copy of approved Rate List is given to vendor with the PO.
  • If an item is in the rate list, then system should proceed towards preparation of PO rather than starting again from RFQ.
  • Items not in Rate can be separated and different purchase orders can be given to different vendors based on competitive price.
  • There can be different Rate Lists for different type of items.
  • System should alert in case if rate period expiry for an item is nearby.

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