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Union Bank of India IT Projects Milestone Tender Mumbai Maharashtra 2025 - Milestone Based Agency Hiring

Bid Publish Date

29-Nov-2025, 12:54 pm

Bid End Date

12-Jan-2026, 4:00 pm

EMD

₹7,00,000

Location

MUMBAI , MAHARASHTRA

Latest Corrigendum Available

Progress

Issue29-Nov-2025, 12:54 pm
Corrigendum06-Jan-2026
AwardPending
Explore all 4 tabs to view complete tender details

Quantity

1

Bid Type

Two Packet Bid

Key Highlights

  • • Union Bank of India procurement for IT projects on milestone basis
  • • EMD amount specified: ₹700,000
  • • 25% contract quantity/duration adjustment allowed at issue and post-issuance
  • • Excess settlement option enabling additional invoice charges with documentation
  • • SOW details delivered via attached file; requires review and compliance
  • • No explicit technical standards listed in data; rely on attached scope
  • • Location: Mumbai, Maharashtra; bank Department: Department Of Financial Services

Tender Overview

The opportunity is issued by Union Bank of India for an Agency to manage IT projects on a milestone-basis located in Mumbai, Maharashtra. The bid requires an **EMD of ₹700,000 and centers on milestone-based project delivery rather than fixed-price execution. The procurement aims to engage a capable agency to oversee IT initiatives within the bank’s Department of Financial Services framework. The contract provisions include quantity flexibility up to 25% at issues and a framework allowing excess settlement charges to be invoiced, documented with mandatory supporting materials. This tender emphasizes adaptable project scope management and clear invoicing processes while preserving price control through documented adjustments. The opportunity is positioned in a major financial hub with high compliance expectations and timing constraints typical of banking IT programs.

  • Organization: Union Bank of India
  • Location: Mumbai, Maharashtra
  • Category: IT Projects – Milestone-based engagement
  • EMD: ₹700,000
  • Quantity/Scale and Value: Not disclosed; milestone-driven scope anticipated
  • Unique aspects: 25% quantity/duration adjustment window; explicit excess settlement option with documented invoicing requirements

Technical Specifications & Requirements

  • No BOQ items or explicit technical specifications are listed
  • SOW is provided via an attached file (not shown in the data) and may include IT project management capabilities, governance, and reporting requirements
  • Expectation of vendor capability to manage multi-phase IT deliverables, governance structures, and milestone-based payment terms
  • No explicit standards (ISO/IS) are documented in the data; bidders should review the attached SOW for precise technical criteria and compliance expectations
  • Emphasis on contract flexibility and transparent invoicing aligned with milestone attainment

Terms, Conditions & Eligibility

  • EMD: ₹700,000 to be submitted with bid or as per bank’s online/DD method
  • Quantity/Durations: Buyer can adjust up to 25% at contract issuance; post-issuance adjustments limited to 25%
  • Excess Settlement: Additional charges allowed up to a defined percentage of item-level total value with supporting documents
  • SOW Access: Details provided through an attached file; bidders must comply with terms in the attachment
  • Delivery/Payment terms: Not explicitly stated in data; typical banking IT procurements include milestone-linked payments and strict governance
  • Eligibility: Review attached Scope of Work and bank procurement policies; ensure compliance with financial and security requirements

Key Specifications

  • IT project management agency on milestone basis

  • EMD ₹700,000

  • Contract quantity/duration adjustment up to 25%

  • Excess settlement invoicing with mandatory supporting documents

  • SOW attached via file; review for performance metrics and governance

Terms & Conditions

  • EMD ₹700,000 with bid or per bank guidelines

  • Milestone-based payments aligned with approved deliverables

  • 25% quantity/duration flex at issue and post-issuance

Important Clauses

Payment Terms

Milestone-based payments as per attached SOW; excess settlement charges allowed up to defined percentage with documentation

Delivery Schedule

Milestones defined in the SOW; adjustments permissible up to 25% as per buyer clause

Penalties/Liquidated Damages

Not specified in available data; to be clarified in attached SOW

Bidder Eligibility

  • Experience in managing IT project delivery for financial institutions

  • Financial stability evidenced by minimum annual turnover (as per SOW)

  • Ability to comply with banking security and procurement policies

Past Similar Tenders (Historical Results)

5 found

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Bank Of Baroda

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Posted: 15 September 2025
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Posted: 20 November 2024
Closed: 30 November 2024
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Indian Science Congress Association

Posted: 20 November 2024
Closed: 30 November 2024
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Historical Data

Required Documents

1

GST registration certificate

2

Permanent Account Number (PAN) card

3

Experience certificates for similar IT project management engagements

4

Financial statements or auditor-confirmed financials for prior year

5

EMD submission document (online payment receipt or DD)

6

Technical bid documents as per attached Scope of Work

7

OEM authorizations or partner agreements (if applicable to IT services)

8

Company profile and turnover data meeting eligibility criteria

9

Any security/compliance certifications required by the attached SOW

Corrigendum Updates

3 Updates
#1

Update

06-Jan-2026

Extended Deadline

12-Jan-2026, 4:00 pm

Opening Date

12-Jan-2026, 4:30 pm

#2

Update

29-Dec-2025
#3

Update

24-Dec-2025

Extended Deadline

07-Jan-2026, 4:00 pm

Opening Date

07-Jan-2026, 4:30 pm

Frequently Asked Questions

Key insights about MAHARASHTRA tender market

How to bid for the IT projects milestone tender in Mumbai?

Bidders must submit the EMD of ₹700,000 along with GST, PAN, and financials. Review the attached Scope of Work for milestone definitions, and ensure compliance with the bank's security policies. The bid should include technical compliance and delivery milestones aligned to the SOW.

What documents are required for Union Bank IT tender submission?

Required documents include GST certificate, PAN card, experience certificates for similar IT projects, financial statements, EMD submission proof, and technical bid per the attached SOW. OEM authorizations may be needed if using third-party services.

What are the delivery milestones and payment terms in this tender?

Delivery milestones are defined in the attached SOW; payments occur upon milestone attainment. An excess settlement option allows additional charges up to a defined percentage with supporting documents. Specific percentages and timelines will be in the SOW.

What standards or certifications are required for IT services tender?

The available data lists no explicit standards; bidders should verify the attached Scope of Work for required certifications or security/compliance attestations and ensure alignment with Union Bank of India's procurement policies.

How is quantity adjustment permitted in the IT services contract?

The buyer allows a 25% adjustment in contract quantity or duration at the time of issue, and only up to 25% post-issuance. Bidders must accept revised quantities or durations per the clause.

Where can bidders view the Scope of Work for this tender?

The SOW is provided via an attached file in the tender portal. Bidders must click the attachment link, review all IT project governance, milestone definitions, and security requirements before submitting the bid.

What is the eligibility criteria for IT project management bidders in Mumbai?

Eligibility includes prior IT project management experience for financial institutions, demonstrated turnover, and compliance with bank procurement policies. Ensure GST, PAN, and experience certificates are ready; verify SOW-specific requirements in the attachment.

What are the excess settlement charges and documentation requirements?

Excess settlement enables additional invoicing up to a defined percentage of the item-level total with supporting documents. The exact percentage and required documents will be specified in the attached Scope of Work.