Procurement is the process of making acquisition for goods and services from an external source to the company. Companies and organizations procure the services of external organization whenever need arises. Different types of contracts exist, and the choices made by an organization depend on the nature of the services that they want procured. Contracts differ based on the cost, timeline and technicalities. This explains the existence of the different types of contracts. These types include lump sum or firm fixed price contract, retainer/contingency contract and indefinite delivery contract.
Acquisition success is the complete award of a contract without any protests witnessed among any of the participants. However, the company needs a clear planning in order for them to achieve the desires of the contracts and their capabilities as outlined in the request for proposal. Therefore, Planning is highly significant in order to succeed in the case of IDE technical support acquisition tender. Prior to releasing of the request for proposal document, the company should have a pre-market survey to enable them have a clear work plan that is in line with the current market conditions. This creates an opportunity for accessing the risks and opportunities that this contract offers and how to counter these risks without making a loss (US Department of States, 2011)….