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Why is it important to develop a list of prequalified suppliers?
Prequalification is one of the key loss prevention strategies to simply ensure everyone is committed and on the same page when it comes to safety. Any contractor, supplier or vendor that comes on site that has not been prequalified increases the risk exposure of even your safest employees.
What is prequalification procedure?
What Is Pre-Qualification? The term pre-qualification refers to an estimate for credit given by a lender based on information provided by a borrower. Pre-qualifications are conditional and involve the lender reviewing a borrowers creditworthiness before granting a pre-approval.
Why is it important to have an approved supplier list?
Having a preferred suppliers list increases the control you have over procurement. Building relationships with these suppliers increases accountability, and youre more likely to receive an improved quality of service.
Why should you perform vendor prequalification?
Having a good prequalification system can shorten the procurement process and reduces the cost of tendering for both the client and the supplier. It also helps minimise the risk of contract failure as substandard or non-compliant vendors would already have been barred from entry.
Why is prequalification important?
Prequalification is a crucial step for GCs to ensure predictable and successful project outcomes while mitigating risk. By maintaining a consistent and repeatable prequalification process, GCs can improve the quality of their partners and the overall success of their projects.
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Prequalification is a method whereby suppliers of particular goods and/or services are assessed against pre-determined criteria and then only those suppliers who satisfy the prequalification criteria are invited to offer.
Why is it important to identify suppliers?
Finding the right suppliers and having good relationships with them can help you give customers quality products and services at competitive prices and without interruptions. If your suppliers are unreliable, your business could be disrupted or unable to trade.
Why is supplier qualification important?
Hence, supplier qualification is important to ensure business continuity, reduce risk and consistently ensure that your products are of the highest standard.
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The following documents are submitted to demonstrate company (individual or corporation) interest and capability in obtaining Postal Service consideration
Vendors must be prequalified prior to bidding or providing applications for selection. The processing of prequalification applications may take up to 45 days;
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