Data-Adviser Ivo Bock’s Post

"With this opportunity before us, the synergies between NIGP and NCMA are boundless," says Rick Grimm NIGP-CPP. Earlier this summer, #NCMA CEO, Kraig Conrad, CAE, CTP and NIGP: The Institute for Public Procurement CEO, Rick Grimm discussed the significance of their collaboration. They highlighted how adopting the CMS™ naturally complements NIGP’s Public Procurement Competency Framework, creating a strategic partnership that enhances procurement practices and professional development across our community. 🎬 Watch the full interview here: https://lnkd.in/gv82_DZ4 📕 Download your free copy of the CMS today: https://lnkd.in/gKYjkbzN #CMS #commonlanguage #contractmanagement #procurement

Powerful collaboration for the contracting profession!

On 7th Feb our Process and Technology Lead Jason Shirtcliffe co-hosted a virtual GCF Masterclass, alongside Gareth Clark and Dr. Sebastian Mortiz 💻 The presentation explored how Game Theory can help procurement professionals and organisations alike. Here is some feedback from the first in the series event: 🗣️ “Great to see so many people interested in the topic, having the largest number of sign-ups for a masterclass event run by Cabinet Office is a great accolade and testament to the levels of interest” 🗣️ “Was a great opportunity to talk about the theoretical aspects of game theory and then be able to demonstrate how we applied these to real life procurements within NHS Supply Chain” 🗣️ “I genuinely feel like we have unlocked more opportunity across Government Departments as a result of the masterclass. Potentially removing some doubt about being able to use within public contract regulations” 🗣️ “It was a great privilege and opportunity for me personally to be asked to support the masterclass. Providing examples of where NHS Supply Chain have used Game Theory with success” #Procurement #GameTheory #Supplier #SupplyChain #Resilience

Section 43B(h) of the MSME Development Act introduces a crucial amendment mandating a 45-day payment rule for Micro, Small, and Medium Enterprises (MSMEs) registered units starting from 1st April 2024. 📉📈📊 It's various implications through different scenarios: 1. Timely Payment Compliance:- Suppose an MSME supplies raw materials worth ₹1,00,000 to a large manufacturing company. As per Section 43B(h), the buyer is obligated to settle the invoice within 45 days of receiving the goods. If the buyer adheres to the timeline and makes the payment within 45 days, it ensures smooth cash flows for the MSME, enabling them to manage their operations efficiently. 2. Penalties for Non-Compliance:- Consider a scenario where a buyer fails to settle the invoice within the stipulated 45-day period. In such cases, the buyer is liable to pay interest on the delayed payment as per the provisions of the MSME Development Act. For instance, if the payment is delayed by 15 days, the buyer may incur interest charges on the outstanding amount for the duration of the delay. 3. Streamlined Dispute Resolution:- Suppose there is a dispute between an MSME and a buyer regarding the quality of goods supplied. Despite the dispute, the buyer is still obligated to make timely payments for the accepted goods within 45 days. However, the resolution of the quality issue can proceed independently through established dispute resolution mechanisms, ensuring that payment timelines are not unduly affected. Challenges: While the 45-day payment rule offers several benefits to MSMEs, challenges may arise in its implementation: - Enforcement and Monitoring: Ensuring widespread compliance requires robust monitoring mechanisms. - Cash Flow Management: MSMEs may face cash flow issues if payments are delayed beyond the stipulated timeframe. - Buyer Cooperation: MSMEs depend on the cooperation of buyers for timely payments. - Legal Hurdles: Resolving disputes related to delayed payments may involve navigating complex legal procedures. In Conclusion: The new 45-day payment rule under Section 43B(h) is a significant stride towards enhancing the financial health of MSMEs. By adhering to timely payment practices and addressing implementation challenges, stakeholders can foster a conducive environment for MSME growth and economic prosperity. #MSME #Economy

Following the implementation of our Procurement Value Assessment (PVA) at the University of Kent, hear what Mark Reed, Assistant Director of Finance (Procurement), has to say about working with us. 🗣️ As well as detailing the successful identification of non-pay savings and effective comparator benchmarking, he went on to highlight the discovery of an opportunity that is projected to result in a ROI of 3:1! 🎉 Wish to see similar returns in your #HigherEducation organisation? Follow the link to explore the other benefits associated with SUMS Group’s PVA! 📍 https://bit.ly/3UUpfW9

Cost transparency and negotiation are both methods of securing a cost, each method has its strengths, but cost transparency can offer significant advantages. For long term relationships and a deeper understanding of cost structures cost transparency often provides a solid foundation for sustainable cost agreements. The introduction of the ICIS R-PP pricing index helps to provide some transparency...

Gaurav's review of GFE Group: Learning with GFE has transformed our business. Their commitment to quality and reliability exceeds expectations. From seamless training to exceptional service, they're our trusted partner for all export-import needs. Contact us at +91 9211066888! 🌍✨ #GFEGroup #ImportExperts #CustomerReview

As per the MSME Act, big companies should not negotiate for any payment term which is more than 45 days with MSME suppliers and MSME suppliers payments need to be paid on the due date as per the agreed terms mentioned in the PO or else interest needs to be paid along with the payment for any delay beyond the due date. Hence it is better to negotiate for 45 days credit terms whenever dealing with an MSME supplier. if you have supposed agreed for 15 days credit and make the payment on the 30th day then you are liable to pay interest for 15 days along with the payment. However I have seen many instances where companies are not paying interest to MSME suppliers for delay in payment and supplier don't ask or demand for interest in fear of losing future business. To avoid such scenarios, timely payment and payment of interest due to delay in payment to MSME should be part of audit report to make this mandatory to pay interest to MSME suppliers for any delay for any payment. #MSME #Govtofindia

SEBI on March 15, 2024 approved amendments to SEBI Regulations 2018. 1. The first amendment that has been made is doing away with the requirement of a one percent security deposit in public/rights issues of equity shares. 2. ⁠Further, promoter group entities and non-individual shareholders holding more than five percent of the post-offer equity share capital are to be permitted to contribute towards minimum promoters' contribution (MPC) without being identified as a promoter. 3. ⁠Also, equity shares from the conversion of compulsorily convertible securities held for a year before filing the DRHP, are to be considered for meeting MPC requirements. 4. The increase or decrease in size of an offer for sale (OFS) requiring fresh filing shall be based on only one of the criteria i.e. either issue size in rupees or number of shares, as disclosed in the draft offer document. 5. Flexibility in extending the bid/offer closing date on account of force majeure events by a minimum of one day instead of the present requirement of a minimum of three days.

👉What is EMD? ✅Earnest Money Deposit (EMD) is a security deposit required by government agencies from bidders participating in tenders on the GeM (Government e-Marketplace) Portal. It is essentially a financial commitment made by the bidder to demonstrate their seriousness and willingness to engage in the bidding process. 👉Purpose of EMD: ✅The primary purpose of EMD is to ensure that bidders submit serious and genuine bids. By requiring a deposit, the government aims to prevent bidders from withdrawing their bids after submission or from failing to honor the contract if they win the tender. 👉Amount of EMD: ✅The amount of EMD is usually a percentage of the estimated value of the contract. This percentage can vary depending on the nature of the contract and the specific tender requirements. 👉Submission Process: ✅EMD is typically submitted through an online payment gateway integrated within the GeM Portal. The submission of EMD is mandatory before the bid submission deadline, and failure to submit the EMD can result in disqualification from the tender process. 👉Refund of EMD: ✅For Unsuccessful Bidders: If a bidder does not win the tender, the EMD is refunded without any interest. The refund process usually begins shortly after the tender is awarded to the successful bidder. ✅For Successful Bidders: If a bidder wins the tender, the EMD may either be adjusted against the performance security deposit required for the contract or refunded after the successful completion of the contract. 👉Exemptions from EMD: ✅In some cases, MSMEs (Micro, Small, and Medium Enterprises) may be exempt from submitting an EMD, depending on the specific tender's terms and conditions. #digi4solutions #gemportaltraining #gemtraining #gemtrainingahmedabad #gemonlinetraining #gemoffline #gemofflinetraining