Review and award a request for quote event

As supplier responses come in and your event comes to a close, you will need to review and award the event. Fairmarkit puts all of the information you need in a single place for easy reviewing and awarding.

Event close: An event will typically need to be closed to award a response. However, your organization may allow you to award open events. Events automatically close on the Close Date and Time, but you can also manually close an event. See Change event dates.

View an event

  • From the Events list, click an event to view its details.

Review responses

For closed events, you can use the Details screen to review responses. The Details screen contains two areas, which provide a summary of responses received and a list of invitations sent to the suppliers. For more information about how event responses are summarized, see Event summary.

Value rounding: Supplier responses of $1 or more are rounded to two decimal places. Values below $1 are not rounded. Full decimal places are available in Excel exports and when sent back to your purchasing application.

  • Lowest price: The lowest price is highlighted in green.

  • High/low response: If you entered a benchmark price, an up or down arrow displays next to each response to show if the value is above or below the benchmark price.

  • Delivery days: Displays the number of days the supplier needs to deliver the item. While one supplier may have a lower price, you will want to make sure that you will receive your items in the necessary time frame.

  • UOM conversion: If a supplier sent a response using a different UOM, hover over the alert icon to view the formula used to convert the value.

  • Other Quantities: Click the Other Quantities button to expand the screen to display a line for each additional quantity that the supplier quoted. For more information, see Request Additional Quantities.

  • View attachments: If a supplier has added attachments to their response, the number of attached files is indicated on a download button . Attachments can be added at the response or line level. To download a summary of the response and any file attachments, select Actions > Download RFQ details. For more information, see Download event details.

  • View internal notes: Select Comments > Internal Notes to view internal notes shared about the event. For more information, see Internal notes.

  • View supplier clarifications: Select Comments > Supplier Clarification to review clarifications sent to suppliers. For more information, see Communicate with suppliers.

Run a new round

If you need to gather additional bids after reviewing a closed event, you can run a new round. This allows you to add or remove suppliers and line items while retaining previous responses. Suppliers receive a new invitation and only need to respond to new items.

The Run new round option is available if multi-round is enabled for your company.

See: Multi-round events (RFQ & auction)

Award a response

Once an event is closed and you’ve reviewed supplier responses, it’s time to award the event. Depending on your needs, you can award the entire event to one supplier, split award line items among multiple suppliers, or partially award some items to different suppliers. This finalizes your procurement process in Fairmarkit.

Awarding in Fairmarkit may also update data in your purchasing application, depending on the event type and your organization’s integration settings (e.g., updating a purchase requisition with an awarded supplier and a price). See Integrations.

Event close: An event will typically need to be closed to award a response. However, your organization may allow you to award open events. Events automatically close on the Close Date and Time, but you can also manually close an event. See Change event dates.

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