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BANK Of ZAMBIA BANK OF ZAMBIA PROCUREMENT POLICY May 2005 Revised: ( Draft )

BANK Of ZAMBIA

BANK OF ZAMBIA PROCUREMENT POLICY

May 2005

Revised:

(Draft)

Table of Contents

Page

ACRONYMS

4

1.0

INTRODUCTION

5

2.0

OBJECTIVES

5

3.0

CODE OF CONDUCT

6

4.0

CONFLICT OF INTEREST

7

5.0

APPLICATION OF POLICY

7

6. PROCUREMENT PLANNING

0

7

7. BANK OF ZAMBIA CONTRACTING AUTHORITY

0

7

8.0

REGISTRATION OF SUPPLIERS

7

9.0

CONTRACTS AND TENDER COMMITTEE (CTC)

8

9.1 The Composition of the Committee

8

9.2 Tenure of Office

9

9.3 Remuneration

9

9.4 Quorum for meetings

9

9.5 Frequency of Meetings

9

9.6 Function of the Contracts and Tender Committee

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10.0

THE ZAMBIA NATIONAL TENDER BOARD CENTRAL TENDER COMMITTEE

10

11.0

TENDER OPENING

10

12.0

THE TENDERING PROCESS

10

12.1 Tender Submissions;

10

12.2 Tender Opening

10

12.3 Invalid Tenders

10

12.4 Tender Evaluation

11

12.5 Tender Award

11

13.0

CONTRACTS PREPARATION GUIDELINES AND APPENDING BANK SIGNATURE

12

13.1

Contracts Specifications

12

2

13.2

Contracts for Construction

13

13.3 Breach of Contract

13

13.4 Appending Bank Signature

13

14.0

PROCUREMENT METHODS FOR GOODS AND WORKS

14

14.1 Shopping

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14.2 National Competitive Bidding (NCB)

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14.3 International Competitive Bidding (ICB)

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14.4 Limited International Bidding (LIB)

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14.5 Single-Source Selection

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14.6 Pre-Qualification and Post-Qualification of Suppliers

15

15.0

PROCUREMENT METHODS FOR CONSULTANCY

15

15.1

Quality and Cost Based Selection Method (QCBS)

15

15.2

Quality-Based Selection (QBS)

16

15.3

Selection under a Fixed Budget

16

15.4

Least-Cost Selection

16

15.5

Selection Based on Consultants’ Qualifications (CQ)

17

16.0

PROCUREMENT OF CURRENCY

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16.1 Registration of Currency Suppliers

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16.2 Tenders for the Procurement of Currency

17

17.0

POST AWARD ACTIVITIES

18

18.0

ASSET DISPOSAL

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BANK OF ZAMBIA ACRONYMS BOZ - Bank of Zambia ICB - International Competitive Bidding NCB

BANK OF ZAMBIA

ACRONYMS

BOZ

-

Bank of Zambia

ICB

-

International Competitive Bidding

NCB

-

National competitive Bidding

RFP

-

Request for Proposals

TOR

-

Terms of Reference

NS

-

National Shopping

LIB

-

Limited International Bidding

QCBS

-

Quality and Cost-Based Selection

QBS

-

Quality-Based Selection

LOI

-

Letter of Invitation

ITC

-

Instructions to Consultants

IFB

-

Invitation for Bids

ZNTB

-

Zambia National Tender Board

EOI

-

Expression of Interest

CTC

-

Contracts and Tender Committee

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1.0

INTRODUCTION

The Bank of Zambia is a Statutory Body Corporate established under Section 3 of the Bank of Zambia Act No. 43 of 1996. As a Statutory Body Corporate, the Bank of Zambia is subject to the provisions of the Zambia National Tender Board (ZNTB) Chapter 394 of the Laws of Zambia. For the procurement of currency however, the provisions of the Bank of Zambia Act 43 of 1996, shall apply.

The Bank of Zambia accordingly formulates this Bank of Zambia Procurement Policy Document in line with the provisions of the Zambia National Tender Board Act.

Due care and diligence has been taken to ensure that the provisions of this policy are in conformity with those of the Zambia National Tender Board, the later shall take precedence when there is a conflict.

It is important to understand that adherence to this policy will contribute to efficient and cost effective procurement which in turn would lower capital and recurrent costs for the Bank.

2.0 OBJECTIVES

The Bank of Zambia Procurement Policy aims to ensure the efficient procurement of Goods, Services, and Works in a transparent and cost effective manner. This Policy shall form the basis upon which all Bank of Zambia procurement and tender procedures are derived.

The fundamental objectives of the Policy are that:-

a) All Procurement expenditure in the Bank, be it capital or recurrent, shall be approved by the Board of Directors through the annual budgeting process.

b) Resources shall be allocated on the basis of identified priority needs in relation to planned activities of the respective departments for the year.

c) Authorisation of expenditure for the procurement of goods and services shall be effected in accordance with the delegation of authority which shall be consistent with the requirements of the Zambia National Tender Board Act.

This shall enable departments and units to account for the utilisation of the resources allocated to them as part of performance management and reporting.

d) The separation of powers in performing these functions will ensure adequate checks and balances.

e) The prudential management of stores and optimum levels of stocks will facilitate smooth operations of the bank.

f) There is utilisation of assets to their useful economic life before disposal.

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g) The Contract Signing Authority Levels and the Contract Approval process are adequately serviced.

h) Identification of various Post Contract Award elements including but not limited to Issues Resolution, Change Management, Roles and Responsibilities of contracting parties and Supplier Performance Measurement activities function optimally.

i) They optimally provide Inventory Management policies.

j) They establish standards and practices which will provide a mechanism for senior management and Bank auditors to measure and evaluate conformance and performance.

k) The Bank of Zambia procurements shall be undertaken in a manner designed to ensure that the most advantageous terms and conditions available within the market place are obtained (Under normal circumstances, where competitive alternatives are available the most competitive process must be utilized.)

l) Supplier selection will be based on best overall cost i.e. compliance to specifications, quality, delivery, payment streams, reliable service and ongoing service and support.

m) The consolidation of corporate requirements lead to the establishment of long term cost effective master agreements with suppliers for standard products and services.

n) Implementation of Performance Measurement methods and techniques can measure supplier performance against established contractual commitments.

3.0 CODE OF CONDUCT

All Bank of Zambia personnel involved in the procurement of goods, works and services must conduct their activities with utmost integrity in an efficient and professional manner. Any activity that might be considered suggestive of unethical behaviour or be inconsistent with the Bank of Zambia Code of Conduct or procedure is to be avoided.

Information released to prospective suppliers through the Tender process or while obtaining preliminary, technical or cost estimates must be clear, concise and consistent so that all suppliers involved have an equal opportunity to respond.

Throughout the evaluation process, Procurement staff must ensure that the evaluations are un-biased and that the selection criteria is established prior to receipt of proposals and is applied consistently by other Bank of Zambia staff involved in the evaluation process.

Communication is crucial to the success of any project or acquisition. It is imperative that all inquires generated by suppliers are responded to promptly and material submitted by the supplier for evaluation is followed up and results provided back to the supplier in a timely and professional manner.

Bank staff are forbidden from accepting gifts or favours from suppliers or prospective suppliers except those associated with conventional hospitality e.g. pens, diaries etc. They

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should exercise good judgement in accepting hospitality invitations. This is best accomplished by reciprocating the hospitality.

4.0

CONFLICT OF INTEREST

Bank of Zambia employees must not have private or financial interest that conflict, or appear to conflict with the discharge of their official duties or responsibilities. This is a prime concern in the domain of procurement. Should an employee during the execution of their duties become aware of a potential or actual conflict of interest their superior should be informed immediately and should take such measures as necessary to deal with the said conflict.

5.0

APPLICATION OF POLICY

This policy shall govern all procurements and shall apply to the members of the Board and all employees of Bank of Zambia.

6.

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PROCUREMENT PLANNING

 

All Bank procurement shall be systematically planned to ensure optimal allocation and utilisation of resources for smooth operation of the bank. The planning shall be based on approved budget. The planning shall be done by the Procurement and Maintenance Services Department in conjunction with the user departments and where necessary external expertise shall be sought. A comprehensive Bank wide Procurement Plan shall thus be prepared annually.

7.

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BANK OF ZAMBIA CONTRACTING AUTHORITY

 

Contracting authority is an individual or group of individuals who have authority to act on behalf of the Bank for all matters related to all aspects of a contract.

The Bank’s contracting authority shall comprise the following:

a) Central Tender Committee of Zambia National Tender Board

b) Contracts and Tender Committee

c) Deputy Governor Administration/Deputy Governor Operations (alternate)

d) Director Procurement and Maintenance

e) Assistant Director Procurement/Maintenance (alternate)

8.0

REGISTRATION OF SUPPLIERS

a) The Bank shall maintain an approved list of local suppliers of goods and services for each material and service frequently used or procured.

b) The list shall be presented before the Contracts and Tender Committee for prior approval but shall be on the basis of the following criteria, among others:

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i) Copy of Certificate of Incorporation

ii) Evidence of previous contracts and Customer reference with reputable organisations

iii) Bankers references

iv) Price lists (catalogue preferred)

v) Latest Tax Clearance Certificate

vi) Physical location

vii) Paid-up capital

viii) Staffing levels

ix) List of shareholders

c) The supplier list shall be reviewed every three years.

9.0 CONTRACTS AND TENDER COMMITTEE (CTC)

The Bank of Zambia Contracts and Tender Committee is established under Section 11 of the Zambia National Tender Board Act. The primary objective of the committee is to ensure that tenders are awarded and contracts are drawn up in the most transparent and cost effective manner.

9.1 The Composition of the Committee

The composition of the Bank of Zambia Contracts and Tender Committee shall be as prescribed under the Zambia National Tender Board Act. The Bank of Zambia Contracts and Tender Committee shall comprise the following;

Deputy Governor Administration - Chairperson ex officio

Director Procurement & Maintenance Secretary ex officio

Director Finance ex officio

Three internal Directors appointed by Deputy Governor Administration; and

Two members from outside the Bank (selected on the basis of their expertise and experience that could add value to the committee)

Where an Ex-Officio member is for any reasonable cause unable to attend any meeting of the Contracts and Tender Committee, that member shall in writing nominate another competent officer from the department as an alternate who shall be deemed to be a member for purposes of that meeting.

The Deputy Governor Administration shall be the Chairperson of the Contracts and Tender Committee.

The Members of the Committee shall elect a Vice Chairperson of the Contracts and Tender Committee from amongst the members.

The Director Procurement & Maintenance shall be the Secretary of the Contracts and Tender Committee.

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Assistant Director Financial Management and Information Systems shall be in attendance at all proceedings of the Bank of Zambia Contracts and Tender Committee to provide information on status of affected budgets and if unable to attend shall appoint a representative.

Where the Chairperson is for any reasonable cause unable to attend a meeting of the Contracts and Tender Committee, the Vice Chairman shall preside.

The Contracts and Tender Committee may invite any person who is not a member to attend a Contracts and Tender Committee meeting and make a submission relating to any matter under consideration by the meeting.

9.2 Tenure of Office

A member other than an Ex-officio member shall hold office for a period of two

years.

9.3 Remuneration

External members shall be paid an allowance as the Management of the Bank may determine from time to time.

9.4 Quorum for meetings

Quorum for the Contracts and Tender Committee meeting shall be five members.

9.5 Frequency of Meetings

a) The Contracts and Tender Committee Meetings shall be held at least once a month.

b) Special Contracts and Tender Committee Meetings may be called at short notice when need arises.

9.6 Function of the Contracts and Tender Committee

The functions of the Contracts and Tender Committee shall include, but not limited,

to the following;

a) To authorise procurement of goods, works and services within limits specified by the Zambia National Tender Board and within limits of the budget approved by the Bank of Zambia Board;

b) To approve award of contracts;

c) To approve Registration of suppliers;

d) To authorise negotiations with tenderers where deemed fit;

e) To recommend suspension or blacklisting of suppliers or contractors, found

to be in violation of Zambia National Tender Board Act and Bank of Zambia

Procurement Policy and Procedures;

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10.0

THE ZAMBIA NATIONAL TENDER BOARD CENTRAL TENDER COMMITTEE Where procurement exceeds the Bank of Zambia Contracts and Tender Committee’s

authorised threshold, the transaction shall be referred to the Zambia National Tender Board

CTC for approval.

11.0

TENDER OPENING Tender opening shall be done by the committee constituted by the CTC and the authority to open tenders shall rest in the Secretary of the Contract and Tender Committee.

The Tender Opening committee shall comprise the following:

 

Director Procurement & Maintenance

-

Chairman

A representative from Finance Department

-

Member

A representative from Security Division -

Member

A representative of relevant department

-

Member

A representative from Bank Secretariat

-

Member

Assistant Director Procurement

-

Secretary

A representative from Internal Audit Department

-Observer

12.0

THE TENDERING PROCESS

All tender processes shall follow the stipulated guidelines as below;

12.1 Tender Submissions;

All bids are to be submitted with all documentation requested for in the tender document/enquiry (e.g. bid security/bond, tax certification, audited accounts etc)

12.2 Tender Opening

All tenders shall be opened;

(a)

By the Director Procurement and Maintenance or any person authorised by him;

(b)

In public, at the offices of the Procurement and Maintenance Services Department; and

(c)

On a day, other than a declared public holiday, or the day following a public holiday.

12.3 Invalid Tenders

The Procurement and Maintenance Services staff shall scrutinise all received Tenders for completeness and the following Tenders shall be considered as non- responsive;

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(a)

a tender submitted after the closing date and time

(b)

a tender sent by telex, telephone, e-mail , fax or telegram.

(c)

a tender not accompanied by a bid security, where required

(d)

a tender with insufficient information concerning specifications, prices and delivery;

(e)

unsolicited offers

(f)

a tender upon which the tenderer has made revisions on his own after tender opening.

Attendance at Tender Opening;

Except for restricted tenders, any person may attend to witness the opening of Tenders.

12.4 Tender Evaluation

The Procurements and Maintenance Services shall ensure;

(a)

that the criteria used in the tender evaluation is fully consistent with the information given in the tender and RFP documents.

(b)

that tenders are scrutinised for completeness in accordance with the provisions of the tender document

(c)

the tender evaluation report is finalised for consideration by the relevant authority within a period of twenty one (21) days.

(d)

where tender evaluation is not completed within ninety (90) days, the Bank shall in writing request all Bidders for a revalidation of their bids before going ahead with the evaluation.

12.5 Tender Award

(a)

Upon completion of the tender evaluation process and approval by the Contracts and Tender Committee, Procurement and Maintenance Services Department shall advise the successful Bidder(s) by issuing an official Notification of Contract Award which shall include information relating to the invitation, description of the items, quantity and value of contract awarded.

(b)

An advance notice of contract award may be given by the Secretariat to the Contracts and Tender Committee only where

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(i)

a tender is about to expire and it is necessary to issue an award promptly.

(ii)

prompt action is necessary to give the contractor an opportunity to obtain materials.

(iii)

delivery or performance is urgent and cannot await formal contract document.

(iv)

prompt action is necessary to permit a contractor to proceed with preparation of necessary catalogue and other contract data.

(c) Unsuccessful bidders shall also be notified giving the reasons for their failure to secure the contract.

13.0 CONTRACTS PREPARATION GUIDELINES AND APPENDING BANK SIGNATURE

To ensure that contracts drawn up are acceptable and produced with minimum delay, draft contracts shall, as far as possible, receive the key inputs from the departments they originate from. This is to ensure that the user departments provide the contractual obligations as they are best placed to determine many aspects of the contracts such as:

a) Specific jobs to be done

b) The minimum acceptable quality and

c) Any other specifications which should be mentioned in the contract.

13.1 Contracts Specifications

All requests for tender and the resultant contracts shall clearly state inter-alia, the following:

a)

the full legal name and address(es) of the contracting parties

b)

capacity of the parties to legally enter into the contract

c)

detailed specifications of the relevant goods and/or services

d)

the specific dates on which the goods/or services shall be supplied

e)

the prices of the elements in the specifications

f)

that the parties have no knowledge of any present or pending circumstance which are likely to render them incapable of performing their obligations

g)

whether a party qualifies for an advance or a prepayment:

h)

the terms and conditions under which the prepayment/advance shall be made:

i)

the nature and specifications of the securities (bid/performance securities etc)

j)

the conditions on which the security shall be enforced

k)

ownership of goods procured from advances.

m)

where the contract covers activities for a period in excess of one year, the terms and conditions for renewal or extension shall be stated:

n)

requirement for certificate of goods and services

o)

requirement for retention of payments against certain contracts;

p)

access to Bank premises

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q) terms and conditions including dates on which payments fall due;

r) currency of payment. Local contractors shall bid in local currency;

s) rights of the other party where a breach of contract is committed by the Bank.

t) dispute resolution

u) governing law

Specialised contracts may require additional clauses or variation of some of the above to fully safeguard the interest of the Bank.

13.2 Contracts for Construction

a) All construction work in the Bank and new projects exceeding the authority limits prescribed by the CTC from time to time shall require approval of the ZNTB before being executed;

b) The award of contracts to architects, quantity surveyors, main contractors and in some cases sub contractors may be adjudicated upon the Contracts and Tender Committee provided the projected costs for the whole project does not exceed the allowable financial threshold;

c) A summarised analysis of the tenders received shall be prepared with details of individual component costs and a summary of total cost of all the tenders submitted. The summarised analysis shall form the basis of the Contracts and Tender Committee paper to be presented by the Procurement and Maintenance Services Department to the Contracts and Tender Committee.

d) The Contracts and Tender Committee may direct that negotiation be entered into with one or more of the bidders out of a short list approved by the Committee.

e) Any material variations in the prices quoted in bids or inclusion of other major items not previously considered but arising out of negotiations shall be submitted for approval by the Contracts and Tender Committee.

13.3 Breach of Contract

The Bank reserves the right to take one or all of the following actions where the contract is breached:

a) terminate the contract

b) apply penalties as specified in the contract

c) sue or refer the breach to arbitration

13.4 Appending Bank Signature

The Deputy Governor-Administration shall sign procurement contracts on behalf of the Bank.

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14.0

PROCUREMENT METHODS FOR GOODS AND WORKS

Whilst International Competitive Bidding process shall be the default procurement method, there are instances where this method may not be appropriate. In those instances, the following procurement methods shall be used;

14.1 Shopping

Shopping is a procurement method based on comparing price quotations obtained from several suppliers, usually at least three, to assure competitive prices. It is an appropriate method for procuring readily available off-the-shelf goods or standard specification commodities that are small in value.

14.2 National Competitive Bidding (NCB)

National Competitive Bidding (NCB) is the competitive bidding procedure normally used for public procurement within the country. NCB may be the preferred method of procurement where foreign bidders are not expected to be interested because (i) the contract values are small, (ii) works are scattered geographically or spread over time, (iii) works are labour intensive, or (iv) the goods or works are available locally at prices below the international market.

14.3 International Competitive Bidding (ICB)

This type of procurement method allows for bids to be solicited both locally and internationally through advertising in at least two national newspapers and widely circulated international journals.

This method can be used for all categories of procurements i.e. goods and services, works and consultancy.

Notwithstanding the above, the Bank shall use this method of procurement for complex assignments or where local capacity is inadequate.

14.4 Limited International Bidding (LIB)

Limited International Bidding (LIB) is essentially ICB by direct invitation without open advertisement. It may be an appropriate method of procurement where (i) the contract values are small or (ii) there is only a limited number of Suppliers (iii) other exceptional reasons may justify departure from full ICB procedures.

14.5 Single-Source Selection

This type of procurement method is where only one supplier, consultant or contractor is contacted for provision of required goods or services

The Bank shall use Single-Source Selection in exceptional circumstances, where it may be appropriate only if it presents a clear advantage over competition:

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(a)

for tasks that represent a natural continuation of previous work carried out by the firm,

(b)

where a rapid selection is essential (for example, in an emergency operation),

(c)

for very small assignments, or

(d)

when only one firm is qualified or has experience of exceptional worth for the assignment.

The procedures to be followed in all procurement methods shall be as defined in the procurement guidelines.

14.6 Pre-Qualification and Post-Qualification of Suppliers

Pre-qualification is defined as an assessment made by the Bank of the appropriate level of experience and capacity of firms expressing interest in undertaking a particular contract, before inviting them to bid. On the other hand, post-qualification is an assessment made by the Bank after the evaluation of bids and immediately prior to award of contract, to ensure that the lowest-evaluated, responsive, eligible bidder is qualified to perform the contract in accordance with previously specified qualification requirements.

Where Pre-qualification is required, the Standard Pre-qualification Document (SPD) shall be used by the Bank in the procurement of works primarily through International Competitive Bidding (ICB), but the principles may also be applied if pre-qualification is needed under National Competitive Bidding (NCB) or procurement of consultancy services.

15.0 PROCUREMENT METHODS FOR CONSULTANCY

While the specific rules and procedures to be followed for employing consultants depend on the circumstances of the particular case, five main considerations shall govern the Bank’s policy on the selection process:

(a)

the need for high-quality services,

(b)

the need for economy and efficiency,

(c)

the need to give qualified consultants an equal opportunity to compete in providing the services to the Bank,

(d)

the Bank’s interest in encouraging the development and use of national consultants, and

(e)

the importance of transparency in the selection process.

In achieving the above, the following methods shall be employed in the process of engaging consultants;

15.1 Quality and Cost Based Selection Method (QCBS)

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QCBS uses a competitive process among short-listed firms that takes into account the quality of the proposal and the cost of the services in the selection of the successful firm. Cost as a factor of selection shall be used judiciously. The relative weight to be given to the quality and cost shall be determined for each case depending on the nature of the assignment. This shall be the default method for the procurement of all consultancies.

15.2 Quality-Based Selection (QBS)

QBS is appropriate for the following types of assignments:

(a)

complex or highly specialized assignments for which it is difficult to define precise TOR and the required input from the consultants, and for which the client expects the consultants to demonstrate innovation in their proposals (for example, country economic or sector studies, multi-sectoral feasibility studies, design of a hazardous waste remediation plant or of an urban master plan, financial sector reforms);

(b)

assignments that have a high downstream impact and in which the objective is to have the best experts (for example, feasibility and structural engineering design of such major infrastructure, policy studies of national significance, management studies of large government agencies); and

(c)

assignments that can be carried out in substantially different ways, such that proposals will not be comparable (for example, management advice, and sector studies in which the value of the services depends on the quality of the analysis)

15.3 Selection under a Fixed Budget

This method is appropriate only when the assignment is simple and can be precisely defined and when the budget is fixed. The RFP shall indicate the available budget and request the consultants to provide their best technical and financial proposals in separate envelopes, within the budget. TOR should be particularly well prepared to make sure that the budget is sufficient for the consultants to perform the expected tasks. Evaluation of all technical proposals shall be carried out first as in the QCBS method. Then the price envelopes shall be opened in public. Proposals that exceed the indicated budget shall be rejected. The Consultant who has submitted the highest ranked technical proposal among the rest shall be selected and invited to negotiate a contract.

15.4 Least-Cost Selection

This method is more appropriate to selection of consultants for assignments of standard or routine nature (audits, engineering design of noncomplex works, and so forth) where well-established practices and standards exist, and in which the contract amount is small. Under this method, a “minimum” qualifying mark for the “quality” is established. Proposals to be submitted in two envelopes shall be invited from short list. Technical envelopes are opened first and evaluated.

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Consultants securing less than the minimum score shall be rejected. The financial envelopes of the rest shall be opened in public. The firm with the lowest price shall then be selected. Under this method, the qualifying minimum mark shall be established, keeping in view that all proposals above the minimum compete only on “cost.” The minimum mark shall be stated in the RFP.

15.5 Selection Based on Consultants’ Qualifications (CQ)

This method may be used for small assignments for which the need for preparing and evaluating competitive proposals is not justified. In such cases, the Bank shall prepare the TOR, request expressions of interest and information on the consultants’ experience and competence relevant to the assignment, establish a short list, and select the firm with the most appropriate references. The selected firm shall be asked to submit a combined technical-financial proposal and then be invited to negotiate the contract.

16.0 PROCUREMENT OF CURRENCY

The procurement, issuance and destruction of Currency is one of the Bank’s mission

critical activities.

Zambia Act of 1996, Sections 30 and 32.

The authority for these activities is provided for in the Bank of

The authority to procure Currency shall be consistent with the provisions of the Bank of Zambia Act of 1996, Section 32.

16.1 Registration of Currency Suppliers

a) The Bank shall maintain an approved list of pre-qualified suppliers of Currency which shall be reviewed after every three years.

b) The list shall be presented before the Contracts and Tender Committee for prior approval but shall be on the basis of the following criteria, among others:

i) Evidence of previous contracts and Customer reference with other issuing authorities

ii) Bankers references

iii) Physical location

iv) Report of physical inspection of the facilities

v) Accreditation to professional bodies including certification to ISO standards

vi) Guarantee of security against unauthorised access by third parties

vii) Financial Condition ( financial statements)

viii) List of Shareholders

16.2 Tenders for the Procurement of Currency

To ensure the continuous supply of currency, the Bank given the special nature of this good shall procure Currency following guidelines as provided for in this

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document and shall ensure that best practices are followed to the effect that provisions of the law and national interest are maintained.

17.0

POST AWARD ACTIVITIES

The responsibility for supplier management activities after the execution of an order

or a contract shall reside within the Procurement and Maintenance Services. activities include:

These

a) Expediting; Procurement and Maintenance Services shall be responsible for expediting materials and services with the main focus on critical materials and services.

b) Receipt of goods; All goods shall be received and verified for compliance to tender or order specification and any under or oversupply or defective goods shall be quarantined in a designated area and processed as per Receipt of Goods procedures

c) Undertake Inventory Management; Undertake stores inventory by stratifying the inventory into various categories by value, setting up of appropriate inventory levels, establish inventory controls and provide a trigger for the re-ordering of stock items.

d) Issuing of Goods; All goods shall only be issued upon presentation of duly approved Stores Requisition Forms and processed as per the Issuing of Goods procedures.

e) Performance monitoring; Procurement and Maintenance Services Department will monitor all contract deliverables to ensure timely delivery, track and expedite shipments, when necessary, resolve late delivery issues (solicit the assistance of other departments, like Bank Secretariat, etc to assist with issue resolution, if necessary), taking corrective action where appropriate, including escalation of the issue to senior management of the supplier’s organisation.

18.0

ASSET DISPOSAL

Identification of obsolete or redundant assets for disposal shall rest with the individual department that controls the particular asset or material that they recommend for disposal in liaison with the Procurement and Maintenance Services Department who shall consolidate all the identified assets for disposal and submit the same to the Board for approval.

The determination of the value of assets proposed for disposal shall be as prescribed in the Fixed Assets Policy and the committee comprising members from the Procurement and Maintenance Services, Finance, Internal Audit Departments and Security Division who shall determine whether the assets have been properly valued.

Disposal shall be by a method prescribed as may be determined by the Bank from time to time.

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