The Oriental Insurance Company Limited Tender

The bid capacity required to bid includes the following: 1. Past Experience of Similar Services: - Three similar completed services costing not less than 40% of the estimated bid value (≥ 0.4 * Estimated Bid Value) - Two similar completed services costing not less than 50% of the estimated bid value (≥ 0.5 * Estimated Bid Value) - One similar completed service costing not less than 80% of the estimated bid value (≥ 0.8 * Estimated Bid Value) Given the estimated bid value of 530,000,000, this translates to: - Three services: ≥ 212,000,000 - Two services: ≥ 265,000,000 - One service: ≥ 424,000,000 2. Minimum Average Annual Turnover: The bidder should have a minimum average annual turnover of 21200 Lakh (or 21200,00,000 INR) for the last three years. 3. Years of Past Experience Required: The bidder must have at least 5 years of experience in providing similar services. Formulas for calculating the required experience based on the estimated cost are: - For three similar services: 0.4 * Estimated Bid Value - For two similar services: 0.5 * Estimated Bid Value - For one similar service: 0.8 * Estimated Bid Value With the estimated bid value of 530,000,000, the calculated values are: - For three similar services: 0.4 * 530,000,000 = 212,000,000 - For two similar services: 0.5 * 530,000,000 = 265,000,000 - For one similar service: 0.8 * 530,000,000 = 424,000,000