3. Any relevant agency while carrying out COMPETITIVE BIDDING shall follow the following guidelines; i) Competitive Bidding shall be done after observing the relevant procurement Rules and applicable laws. ii) Before initiating the bidding process, RFP shall be got approved from Authority. [...] 4. In order to satisfy it, the Authority may require the relevant agency to provide any further information or document-in-support thereof; 5. Based on the bid evaluation report and the record placed before it, the Authority shall notify the successful bidders. Provided that the Authority may reject the recommended successful bidder in case the quoted rate s imprudent and unreasonable.