Introduction/Purpose: 

The Security function allows customers to manage security terms during the procurement process. It serves as a down payment on a mutually beneficial collaboration. Users can access and manage detailed information about the security deposit, such as amounts used, available money, and monies on hold. Additional deposits can be made if necessary to enhance responsibilities.

Process flow:

How to Navigate: 

The following steps are included in the navigation to view the security terms linked with the Procurement Officer: 

• Click on the  Security Terms Tab: The security terms related to the proposal/quotation can be viewed by clicking the security terms tab, which is found on the top menu. 

Listing: 

A security term listing is a feature in a vendor procurement system that presents a list of all the security terms included in the proposal or quotation. 

• Users can view the following information on the security term listing page.
  • Term Code
  • Term Type 
  • Total amount
  • Available amount
  • Block amount
  • Hold amount 
  • Expiry date
  • Status(Approved/Pending/Draft)  

Recording & Update :

Click on add new:

• Security type: “Security Type” field in the vendor portal’s security term, refers to the specific type or form of security that is being used or provided by the vendor.

• Amount: This refers to the precise monetary value or quantity linked with the vendor’s security term or financial guarantee. It denotes the amount of money or value set aside to secure the transaction

• Bank:   The name of the bank or financial institution involved in the security term is indicated in this area. It denotes the body that provides or supervises financial security or guarantees.

• Is expiry: This field normally inquires whether the security term has an expiry date. It is a yes or no question that determines whether or not the security measure has an expiration date.

• Expiry date: If the “Is expiry” field is set to yes, this field allows the vendor to indicate when the security will expire.

• Remark: This area allows suppliers to provide any extra remarks, notes, or explanations about the security phrase. 

• Attachments:  Vendors can upload and attach any necessary files, documents, or supporting materials linked with the security term in this field. 

• Save: The “Save” function refers to the activity of conserving or storing the information or data that the user has entered or modified.