Approved Rate Contracts

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Purchase Admin Role to user


Purchase Admin


Quotation » Approved Rate Contracts


  1. For consumables, quotations are invited for a list of items from different vendors.
  2. Purchase department gets a rate list approved by the purchase negotiation committee, which is valid for a certain period of time.
  3. 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.
  4. 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.
  5. While generating POs for items mentioned in the Rate List, a copy of approved Rate List is given to vendor with the PO.
  6. If an item is in the rate list, then system should proceed towards preparation of PO rather than starting again from RFQ.
  7. Items not in Rate can be separated and different purchase orders can be given to different vendors based on competitive price.
  8. There can be different Rate Lists for different type of items.
  9. System should alert in case if rate period expiry for an item is nearby.

Screen Shots / Steps

Approved rate contract

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Vendor wise analysis

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Status pending with approval authority

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Status approved from approval authority

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Saved rate contract

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