A Price Negotiation Memorandum (PNM) is a document that records the details of negotiations between a buyer and a seller to arrive at a fair and reasonable price. It is used to justify the final agreed price in the procurement process. The PNM includes information such as the negotiation objectives, discussion points, and the rationale for the agreed price.

How It Is Written:

1. Summarize the Requirement: Briefly describe the goods or services being procured.
2. Set Negotiation Objectives: Define what you aim to achieve in terms of pricing, delivery, and other terms.
3. Record Negotiation Details: Document the key discussion points, offers, counteroffers, and concessions made by both parties.
4. Justify the Final Price: Provide a rationale for why the agreed price is fair and reasonable based on market research, cost analysis, or other relevant factors.
5. Review and Approval: Ensure the memorandum is reviewed and approved by the necessary authorities.

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