Timeline for the bid activities and time duration for each contracting process Contracting Process Plan Duration Plan Purchases and Acquisitions stage 2 Month Procurement Planning 2 Months Request Seller Responses 2 Month Vendor Selection 1 Months Contract Administration 2 Months Contract Close-Out 15 Days Plan Purchases and Acquisitions stage - This phase involves whether to keep the logistics function in-house or to go outside and look for vendors. At the end of this phase, company will have a documented project procurement plan. A contractor administrator should be appointed who can manage the entire contracting process for the company. This transition is a long and detailed process, requiring the attention of a full-time contractor administrator. Without someone in this position, the contracting process will likely take longer to complete, have more mistakes, and cost more money. Procurement Planning - In this phase, Multi Equipment Manufacturing Ltd will prepare the solicitation document (RFP). The RFP gives the supplier background information about the company and its industry, and it describes the logistics function that the company wishes to outsource, specific tasks to be taken on by the supplier and a deadline for when the RFP must be received at the company. Request Seller Reponses - Multi Equipment Manufacturing Ltd will issue a request for a proposal that will be sent to potential sellers. The Contract Administrator of Multi Equipment Manufacturing Ltd should derive a set of selection criteria for picking a supplier. These criteria should be as quantitative as possible. Vendor Selection - Based on its review of supplier facilities, equipment, performance records, and references, Multi Equipment Manufacturing Ltd can now make an informed decision to select a supplier. However, this should not be a qualitative decision. Instead, the selection team should assign weighting to each of its selection criteria and score each supplier candidate on each item. The supplier with the highest score should be given the company's business. Finalize the contract. Once the supplier has been selected, it must be given time to conduct a thorough review of the company's materials management systems. This gives it enough information to determine the company's actual requirements, which may vary from the ones the supplier was told about when it was first brought into the selection process. Once the supplier has this information, it is in a much better position to negotiate a final contract with the company based on realistic knowledge and expectations by both the company and the vendor