(1) Subject to the provisions of sub-section (2) of section 13 and section 24, the procuring entity shall consider a bid as successful,-
(a) where price is the only award criterion, the bid with the lowest bid price in case of procurement or the highest bid price in case of disposal of public asset.
(b) where there are price and other award criteria, the most advantageous bid ascertained on the basis of the criteria and procedures for evaluating bids as specified in the bidding documents;
or Terms and conditions of contracts.
PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 10, 2019 (BHDR 19, 1941 SAKA) 124
(c) where there are no financial criteria, the most advantageous bid ascertained on the basis of selected non-financial criteria or other parameters for evaluating bids as specified in the bidding documents.
(2) A bid shall be treated as successful in terms of sub-section (1), only after the competent authority has approved the procurement in terms of that bid.
(3) As soon as the procuring entity, with the approval of the competent authority, decides to accept a bid, it shall communicate that fact to all participating bidders and also publish the decision on the State Public Procurement Portal.
(4) While communicating acceptance of the bid, the procuring entity shall advise the successful bidder to complete the requirements within a specified time, including signing of any agreement or furnishing any security, if necessary, to conclude the procurement contract.
Chapter VIII State Public Procurement Portal