Can Foreign Firm Submit NFCC ?

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Can Foreign Firm Submit NFCC ?

Post by LEE YANG SEOP on Wed Aug 17, 2011 7:52 pm

Can foreign proponant submit their NFCC instead of the CLC ? If it is Possible how can they proof the value of the outstanding works from the Financial Statements ? : Smile

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Re: Can Foreign Firm Submit NFCC ?

Post by accounting on Thu Aug 18, 2011 3:59 pm

NFCC is used to gauge the capacity of the bidder in fulfilling the contract once awarded to them. it is not a tool to prove the value of outstanding contract works. Idea
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Re: Can Foreign Firm Submit NFCC ?

Post by RDV @ GP3i on Fri Aug 19, 2011 9:35 am

LEE YANG SEOP wrote:Can foreign proponant submit their NFCC instead of the CLC ? If it is Possible how can they proof the value of the outstanding works from the Financial Statements ? : Smile

Yes, a foreign entity/bidder can submit an NFCC, if it chooses to.

In computing its NFCC, the formula of which is [(Current Assets minus Current Liablities) (K)] minus value of outstanding works, the prospective gets the value of the current assets and current liabilities from its Financial Statements. However, the value of the 'outstanding works' cannot be found from your FS.

If you remember, you are also required to submit, as part of the technical eligibility requirements, a Statement of completed and ongoing projects, and projects awarded but not yet started. These ongoing projects/awarded projects are your 'outstanding works'. Therefore, you get the value of your outstanding works from this Statement and not from the Financial Statement because you cannot find it there.
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