Procurement Guidelines under loans extended by the OPEC Fund

of standardization, or because the need for spare parts and maintenance service cannot be met.

2.8 Expenditures under contracts For statistical purposes, the OPEC Fund requires information concerning the country of origin of the goods and works it finances, and the bidding documents should require the contractor or supplier to furnish the necessary information. 2.9 Pricing and currency of bids Since bids will be invited from prospective bidders in a number of countries, bidding documents should clearly state the currency or currencies in which bid prices may be stated. Bidding documents should normally require the bidder to state the bid price, either in the bidder’s own currency or in another currency widely used in international trade and specified in the bidding documents, except that: a) in contracts for the supply and installation of equipment, the bidding doc uments may specify that the bidder should state in the recipient’s currency the portion of his bid price relating to the installation; b) in the case of civil works, the bidding documents may require the bidder to state the bid price entirely in the recipient’s currency, while specifying the portion to be paid in a specific foreign currency or currencies. 2.10 Currencies of payment and maintenance of value a) Payments under the contract should normally be made in the currency or curr encies in which the price has been stated in the successful bid. However, the bid documents should always provide that, if the bidder expects to incur a portion of his expenditures in currencies other than those stated in his bid and so indicated in his bid, payment of the corresponding portion of the price so expended will be made in those other currencies. b) Where a portion of the price under the contract is to be paid in a currency other than the currency of the bid, the contract should provide against a loss or gain to the contractor or supplier, as the case may be, from a variation in exchange rates between the currency of the bid and the other currency or curr encies due or payable to the bidder under the contract. To this end, the con tract should provide that amounts due or payable in a currency other than that of the bid shall be calculated at the rate of exchange specified for the purpose in the bidding documents between the two currencies.