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It is often a requirement during the tendering process to prove financial stability. Generally the Buyer requests the last three year’s audited financial records. However, for a small to medium-size company, this can be an onerous requirement. Most private companies do not get their financial records audited, and there is no legal obligation to do so. In addition, it is none of the Buyer’s business what the company’s revenue and profitability is. They are merely attempting to ensure the proponent is not teetering on the edge of insolvency prior to engaging them.
In the above situation we generally advise our clients to ask the Buyer if a letter from their Accountant attesting to their financial solvency will suffice. We have never been told no, since this information is generally the limit of the procurement team’s inquiry. Send this simple draft template to your Accountant and they will do the rest.
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No Bid Letter TemplateFREEFREE
If you ever get invited to bid, but for some reason can’t or decide not to submit one, then it is considered good manners to send the Buyer a nice letter explaining why you can’t put a tender in.
Reasons may include:
- you are currently onboarding a new client, and don’t want to over-stretch yourself at this crucial time. The Buyer will appreciate the fact that you are devoted to providing your clients the very best service.
- you don’t feel you can comply with all the requirements, and therefore are unable to submit a compliant bid. The Buyer will appreciate the fact that you do not wish to waste their time reading a non-compliant bid, and may even decide to change their requirements if they get too much feedback of a similar nature.
This template will save you time writing the appropriate response. Download for free.