What is supplier award deadline in SAP PUR-PRP - Procurement Planning?

SAP Term: supplier award deadline

• Component: PUR-PRP

• Component Name: Procurement Planning

• Description: The day by which the suppliers have to be chosen and nominated for a sourcing project. This date and the specification deadline date form the critical path of a subproject or project and are the two dates handed over to sourcing colleagues.

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• Key Concepts: 
  Supplier award deadline is a term used in the SAP PUR-PRP Procurement Planning component. It is the date by which a supplier must submit their bid for a particular procurement project. This date is set by the buyer and is used to ensure that all suppliers have an equal opportunity to submit their bids. 
  
  How to use it: 
  The supplier award deadline is set by the buyer when they create a procurement project. This date should be communicated to all potential suppliers so that they are aware of the timeline for submitting their bids. The buyer can then review all bids before making a decision on which supplier to award the project to. 
  
  Tips & Tricks: 
  It is important to set a realistic supplier award deadline that allows enough time for all potential suppliers to submit their bids. If the deadline is too short, some suppliers may not have enough time to prepare their bids and this could lead to an unfair advantage for those who are able to submit their bids on time. 
  
  Related Information: 
  The supplier award deadline is just one of many factors that buyers should consider when selecting a supplier for a procurement project. Other factors such as price, quality, and delivery times should also be taken into account when making a decision.