1. the goods and services purchased should be

1.    Introduction:

This document provide
guidelines for all the IGI officials / officers / consultants / contractors who
are directly or indirectly involved in processes related with procurement.

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2.     Objectives (Purpose) & Scope:

The purpose of this policy
is to establish guidelines for IGI Insurance for the procurement of all goods
and services undertaken by the company irrespective of the settlement method.
The policy ensures that procurement of all goods and services is conducted in
an honest, competitive, fair and transparent manner that delivers the best
value of money outcome whilst at the same time taking into account the required
specification, quality, service, delivery and cost of the procured goods and
services.

 

3.    Policy Statement:

·        
There
should be an approved list of vendors by administration department that is
reviewed and updated periodically.

·        
All suppliers
should undergo a qualifying process that has to be documented and the
qualifying process should include:

§  Formal interviews and requests for proposal

§  In case of project, review of supplier’s
financial status and details of other projects undertaken.

§  Registered with Federal and Provincial Boards
for Sales tax and shall provide evidence in this regard.

§  Field Survey (premise visitation), if
necessary

·        
For
consultants and other services procurement, proper scope of work should be predefined
and duly approved.

·        
Formal
Request for Proposal (RFP) should be developed clearly requesting to mention
the date of validity for the submitted proposal.

·        
All
the payments must be made by cheque and in case if any cash payment is
processed then it has to be approved by CEO and CFO.

·        
All
the goods and services purchased should be supported by an approved requisition
form approved as per the authority matrix of the concerned department.

·        
For
all purchases, quotations are to be received from three vendors based on which
a comparative statement will be prepared.

·        
Vendor
selection should be based on qualitative and quantitative factors and basis of
selection should be documented.

·        
A
purchase order should be raised for all goods and services purchased worth more
than PKR 25000 and it has to be approved by the appropriate authority matrix.

·        
All
general procurements above PKR 25000 requires CEO approval. The administration
head will be responsible for approving procurements below PKR 25000. In case of
only stationary related procurements below PKR 25000 the request can be
processed without obtaining quotations.

·        
Timeline
should be defined for all type procurements.

·        
Timely
payments should be made to vendors to avoid any interest on late charges and
maintain good relationship with vendors.

·        
In
case of procurements other than fixed assets such as tea and other janitorial
stuff, a period shall be defined for procurement of the same.

·        
Administration
Department shall maintain complete documentation, including qualification of
vendors, the bid process, comparative statement and vendor correspondence, etc.

·        
Any
procurement that is not in line with the budget should be justified and
approved as per the authority matrix.

·        
In
case of genuine emergency, procurement shall be made from any suitable vendor
whether listed or not. However, the request should first be duly approved by
the department head and CEO.

 

 

 

 

4.    Procurement Guidelines:

·        
No
employee, officer, or agent shall participate in the selection, award, or
administration of a contract if a real or apparent conflict of interest would
be 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 an
organization which employs or is about to employ any of the parties indicated
herein, has a financial or other interest in the firm selected for an award.

·        
The
officers, employees, and agents of IGI shall neither solicit nor accept
gratuities, favors, or anything of monetary value from contractors, or parties
to sub agreements except for where the financial interest is not substantial or
the gift is an unsolicited item of nominal value.

·        
Members
of the IGI’s board of directors shall comply with all relevant fiduciary
duties, including those governing conflicts of interest, when they vote upon
matters related to procurement contracts in which they have a direct or
indirect financial or personal interest. Officers, employees, directors, and
agents of the Corporation shall be subject to disciplinary actions for
violations 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 and
stationary.

·        
Approval sheets

·        
Summary of items procured.

 

5.   
Responsibilities
and Accountability:

·        
Administration
and Finance department is responsible for procuring and receiving. 

·        
Chief
Financial Officer is responsible for approving the order and procuring goods
and services.

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