How do I process bids?

Vendors respond to bids with price quotes or catalog price lists. In either case, you will want to record vendor pricing information so that you can compare vendor responses with a bid, compare bid responses with each other, and compare bid responses with current costs.

You can then create catalog agreements or contracts from the bid records. Catalog records are based on prices from vendor catalogs. Contract records are based on special, signed agreements with vendors. You can use contract and catalog records to default unit prices to purchase orders.

The following illustration shows the overall bid process.