Definition
Financial evaluation is the second stage, where the buyer opens the prices of technically qualified sellers and ranks them to find L1 — on total value, item-wise or group-wise as the bid states. If reverse auction is enabled, the RA decides the final ranking. Purchase-preference rules for MSEs or local suppliers are applied at this stage.
In simple words
Kaagaz pass hone ke baad rate khulte hain — sabse kam wala L1.
Related terms
Guides on this topic
This is a general explanation. Confirm exact limits, percentages and timelines in the bid document and on gem.gov.in.
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