21.5. Evaluation of financial offers
The Contracting Authority will proceed with the evaluation of the Tenderers who appear on the list (see paragraph 21.4.3.). Envelop B: Financial Offer will be opened for Tenderers appearing on this list.
21.5.1. Opening of Financial Offer - Envelope B
The Permanent Secretary of the M ECIT or his representative(s) will proceed to the opening of Financial Offer - Envelope B. Representatives of the Auditor General, the Accountant General and the Attorney General of the Republic of Cyprus have the right to be present at the opening of the Envelope B.
21.5.2. The Permanent Secretary of the MECIT or his representative(s) should inform by letter/fax/e-mail the officials mentioned in paragraph 21.5.1. at least three (3) days prior to the date and time arranged for opening Envelope B.
21.5.3. The Financial Offer of each Tenderer on the list (see paragraph 21.4.3.) will be checked whether it conforms to the required format, see paragraph 18. Tenderers financial offers which do not conform to the provisions of paragraph 18 will be rejected.
21.5.4. Where the prices of the financial offer are expressed in foreign currency these will be converted, for the purposes of evaluation and price comparisons, to Euro, using the foreign to Euro exchange rate (sale price), as given by the Central Bank of Cyprus on the closing date of the submission of tenders.
21.5.5. Evaluation of the financial offers will take place on the basis of present value, in cases where the financial offer has not been proposed on a present value basis, see paragraph 18.2(b). In such a case, all future payments, if any, will be converted to present value. Evaluation of the financial offers of Tenderers will be made on the basis of the revised financial offer amounts, as these would be obtained after the above conversion. In case of an accounting discrepancy between the unit rate and the total price, the unit rate will prevail.
The present value will be calculated using the following formula:
PV = CF1 / (l+k) + CF2 / (1+k)2 + ... CFn/ (l+k)"