4.4.1 Notify successful and unsuccessful bidders

Once the appropriate authorities have approved the award of contract, both the successful and unsuccessful bidders should be notified of the as soon as possible. Detailed presentations should also be considered for owner shareholders, financers/banks, insurance companies, and other stakeholders.

Some jurisdictions have requirements to observe a ‘standstill period’, during which purchasers must refrain from entering into the contract with vendors following notification of contract award to all of the (successful and unsuccessful) bidders. Such periods are to allow for unsuccessful bidders to be able to launch court proceedings regarding the outcome of the bidding process. Once such a standstill period expires the ability to launch proceedings becomes limited.