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What should I know about tendering in Portfolio Financials?

 Note
This information is intended for accounts with Portfolio Financials product in Procore. Please reach out to your Procore point of contact for more information. 

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

How do I revise a tender form?

See Edit a Tender Form for a Tender Room.

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

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

How do I change the tender due date?

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

  1. Navigate the relevant Tender Room.
  2. Click Trade Setup.
  3. Scroll down to the Program section.
  4. Hover over the current tender 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 tenderers of the revised tender due date.

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

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

How do I invite additional tenderers after tenders are already sent out?

See Invite Tenderers to a Tender Room.

  1. Navigate the relevant Tender Room.
  2. Click Manage Tenders.
  3. Scroll down and click Invite More Tenderers.

How do I deselect a selected tenderer?

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

  1. Navigate the relevant Tender Room.
  2. Click the vertical ellipsis icon-ellipsis-vertical.png icon next to the selected tenderer.
  3. Click Deselect Tenderer.

Where can I find documents that the tenderers uploaded?

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

What does % complete mean?

When you receive tenders, you may notice that there is a 'Tender 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 tendering requirements), and how many they actually completed. For example, if a vendor's "requested items filled" status reads 27/27, this means their tender form is considered 100% complete. See View Tenders in a Tender Room.

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

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

  • Left a line item blank.
  • Not checked off any tendering 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 tenders early?

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

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

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

See Also