Approved Rate Contracts

Role

Purchase Admin

Path

Quotation » Approved Rate Contracts

Functionality

• 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.