Property_Manu - Final - The New India Assurance Co. Ltd.

The New India Assurance Co.Ltd.hygienic surroundings” is not sufficient. The note must describe in detail why thesurroundings are considered un-hygienic. Moreover, rejection must be unanimousvii.viii.ix.Current market rate of rent of the shortlisted premises are to be obtained from LIC PanelValuer before opening financial bids.The Inspection Committee should submit their report to the “Tender Committee” withinTHREE DAYS of the Inspection in the prescribed format “Annexure –VI”.Form in Annexure-VI should be used for comparison among separate premises.STEP -5OPENING OF ‘FINANCIAL BIDS’ BY TENDER COMMITTEEi. The Tender Committee on receipt of the “Inspection Reports” from the InspectionCommittee should segregate the “Financial Bids” of the “Recommended” premises.ii.iii.iv.It should be noted that the “Financial Bids” of the offers rejected by the InspectionCommittee as well as those rejected during first Screening (Step-3) should not be openedat all. Therefore, segregation of Financial Bids is necessary to avoid inadvertent openingof “Financial Bids” of the Rejected Offers.Market rate of rent or valuation of the premises offered on sale should be obtained froma LIC empanelled valuer for all the recommended premises only prior to the opening ofthe commercial bids.The Tender Committee shall open only the “FINANCIAL BIDS” of the valid OFFERS i.e.premises recommended and should put their Signature & Date on:1. All the envelopes superscribed as “Financial Bid”2. All the pages of the “Financial Bids”.v. The Tender Committee should prepare a “Comparative Statement” from the “FinancialBids” in the prescribed format “Annexure-VII”.vi.vii.From the above process the Lowest of the Tenders (L-1) should be the recommendedpremises.Their recommendation in Annexure-VII should be submitted to Chief Regional Manager/Deputy General Manager within TWO DAYS from the receipt of the Inspection Reportsfrom the Inspection Committee.16 MANUAL ON PROPERTY