1. the goods and services purchased should be

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Last updated: September 17, 2019

1.    Introduction:This document provideguidelines for all the IGI officials / officers / consultants / contractors whoare directly or indirectly involved in processes related with procurement. 2.     Objectives (Purpose) & Scope:The purpose of this policyis to establish guidelines for IGI Insurance for the procurement of all goodsand services undertaken by the company irrespective of the settlement method.The policy ensures that procurement of all goods and services is conducted inan honest, competitive, fair and transparent manner that delivers the bestvalue of money outcome whilst at the same time taking into account the requiredspecification, quality, service, delivery and cost of the procured goods andservices.

 3.    Policy Statement:·        Thereshould be an approved list of vendors by administration department that isreviewed and updated periodically.·        All suppliersshould undergo a qualifying process that has to be documented and thequalifying process should include:§  Formal interviews and requests for proposal§  In case of project, review of supplier’sfinancial status and details of other projects undertaken.§  Registered with Federal and Provincial Boardsfor Sales tax and shall provide evidence in this regard.§  Field Survey (premise visitation), ifnecessary·        Forconsultants and other services procurement, proper scope of work should be predefinedand duly approved.·        FormalRequest for Proposal (RFP) should be developed clearly requesting to mentionthe date of validity for the submitted proposal. ·        Allthe payments must be made by cheque and in case if any cash payment isprocessed then it has to be approved by CEO and CFO.

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·        Allthe goods and services purchased should be supported by an approved requisitionform approved as per the authority matrix of the concerned department. ·        Forall purchases, quotations are to be received from three vendors based on whicha comparative statement will be prepared. ·        Vendorselection should be based on qualitative and quantitative factors and basis ofselection should be documented.

·        Apurchase order should be raised for all goods and services purchased worth morethan PKR 25000 and it has to be approved by the appropriate authority matrix.·        Allgeneral procurements above PKR 25000 requires CEO approval. The administrationhead will be responsible for approving procurements below PKR 25000. In case ofonly stationary related procurements below PKR 25000 the request can beprocessed without obtaining quotations.·        Timelineshould be defined for all type procurements.

·        Timelypayments should be made to vendors to avoid any interest on late charges andmaintain good relationship with vendors.·        Incase of procurements other than fixed assets such as tea and other janitorialstuff, a period shall be defined for procurement of the same.·        AdministrationDepartment shall maintain complete documentation, including qualification ofvendors, the bid process, comparative statement and vendor correspondence, etc.

·        Anyprocurement that is not in line with the budget should be justified andapproved as per the authority matrix.·        Incase of genuine emergency, procurement shall be made from any suitable vendorwhether listed or not. However, the request should first be duly approved bythe department head and CEO.

    4.    Procurement Guidelines: ·        Noemployee, officer, or agent shall participate in the selection, award, oradministration of a contract if a real or apparent conflict of interest wouldbe involved. Such a conflict would arise when the employee, officer, or agent,any member of his or her immediate family, his or her partner, or anorganization which employs or is about to employ any of the parties indicatedherein, has a financial or other interest in the firm selected for an award.·        Theofficers, employees, and agents of IGI shall neither solicit nor acceptgratuities, favors, or anything of monetary value from contractors, or partiesto sub agreements except for where the financial interest is not substantial orthe gift is an unsolicited item of nominal value.

·        Membersof the IGI’s board of directors shall comply with all relevant fiduciaryduties, including those governing conflicts of interest, when they vote uponmatters related to procurement contracts in which they have a direct orindirect financial or personal interest. Officers, employees, directors, andagents of the Corporation shall be subject to disciplinary actions forviolations of these standards.·        Following documentation needs to be maintained in file.·        Stationary requisition form for printing and stationary.·        Purchase order for procurement of items other than printing andstationary.·        Approval sheets ·        Summary of items procured. 5.

   Responsibilitiesand Accountability: ·        Administrationand Finance department is responsible for procuring and receiving.  ·        ChiefFinancial Officer is responsible for approving the order and procuring goodsand services.

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