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Procore Support (en-au)

What should I know about bidding in Portfolio Financials?

 Note
The information in this FAQ applies to accounts with the Portfolio Financials product in Procore. Reach out to your Procore point of contact for more information. 

Below are answers to common questions from Portfolio Financials account owners regarding the Bid Room and bidding process in Portfolio Financials. 

How do I revise a bid form?

See Edit a Bid Form for a Bid Room.

  1. Navigate the relevant Bid Room.
  2. Click Trade Setup.
  3. Click Revise Bid Form.

    Notes: 
    • If vendors have already been invited to bid, they will receive an email notifying them that the bid form has been revised.
    • Bid forms can be edited even after vendors have been invited to bid and vendors have submitted bids.
    • Bid forms cannot be edited after a bid as been awarded.

How do I change the bid due date?

See Edit Trade Setup Details for a Bid Room in Portfolio Financials.

  1. Navigate the relevant Bid Room.
  2. Click Trade Setup.
  3. Scroll down to the Schedule section.
  4. Hover over the current bid due date and click the pencil icon.
  5. Select a new due date and click Save.
    Note: This will send an email notification to all bidders of the revised bid due date.

Do vendors need to exist in Procore before I can invite them to bid?

No. They will be prompted to create login credentials when they are invited to bid on their first project. If they have previously been invited to bid on project through Portfolio Financials, they will be able to log in to their existing account as usual.

How do I invite additional bidders after bids are already sent out?

See Invite Bidders to a Bid Room.

  1. Navigate the relevant Bid Room.
  2. Click Manage Bids.
  3. Scroll down and click Invite More Bidders.

How do I deselect a selected bidder?

To deselect a bidder that you have already selected (either intentionally or by accident), perform the following actions:

  1. Navigate the relevant Bid Room.
  2. Click the vertical ellipsis  icon next to the selected bidder.
  3. Click Deselect Bidder.

Where can I find documents that the bidders uploaded?

Any documents that bidders attached with their submission can be found in the 'Adjustments' section of the Compare Bids page, under 'Documents and Attachments'. See Compare Bids in a Bid Room.

What does % complete mean?

When you receive bids, you may notice that there is a 'Bid form % complete' associated with it. This percentage is calculated based on how many items you requested that they fill out (line items, alternates/unit prices/hourly rates, and bidding requirements), and how many they actually completed. For example, if a vendor's "requested items filled" status reads 27/27, this means their bid form is considered 100% complete. See View Bids in a Bid Room.

Why does the bid form completion percentage not add up to 100%?

If a vendor's bid appears as a percentage less than 100%, it means they have not fully completed the bid form. This means that they have likely done one or more of the following:

  • Left a line item blank.
  • Not checked off any bidding requirements.

If a line item needs to be left blank intentionally, filling in a zero will result in the line item appearing as complete, adding into the total completion percentage.

Can I unlock or unseal bids early?

Yes, if you are running a sealed bid you can unlock bids before the bid due date. Typically, this is done if all bidders have successfully completed their bids before the bid due date. By default, sealed bids can be unlocked after the specified bid due date and time. See How do I run a sealed bid process in Portfolio Financials?

To unlock bids early, you will need to change the bid due date to a date in the past. To change the bid due date:

  1. Navigate to the Bid Room.
  2. Click Trade Setup.
  3. Scroll down to the schedule section.
  4. Hover your mouse over the current bid due date and click the pencil icon.
  5. Select a new due date and click Save.

See Also