What is submission deadline in SAP SRD-SRM-SC - SRM-Sourcing and Contracting?

SAP Term: submission deadline

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: The date by which a quote must be submitted in response to a request for quotation.

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• Key Concepts: 
  Submission deadline is a term used in SAP SRM-Sourcing and Contracting. It is the date and time by which a supplier must submit their bid or proposal in response to a request for quotation (RFQ). The submission deadline is set by the buyer and is usually based on the timeline of the project. 
  
  How to use it: 
  When creating an RFQ, the buyer will set a submission deadline. This deadline should be clearly communicated to all suppliers invited to participate in the RFQ. Suppliers must submit their bids or proposals before the submission deadline in order to be considered for the project. 
  
  Tips & Tricks: 
  It is important to set realistic submission deadlines that give suppliers enough time to prepare their bids or proposals. If the submission deadline is too short, suppliers may not have enough time to properly evaluate the project and submit a competitive bid. 
  
  Related Information: 
  Submission deadlines are just one part of the RFQ process. Other important steps include creating an RFQ document, inviting suppliers to participate, evaluating bids or proposals, and awarding contracts.