What is a tender?
A tender typically refers to a formal offer or proposal made by a person, organization, or company in response to a request for bids or proposals. It is commonly used in the context of business or government contracts.
When an organization or government entity needs to procure goods, services, or construction work, they may issue a tender or request for tender (RFT), inviting interested parties to submit their bids or proposals. The tender documents outline the requirements, specifications, terms, and conditions of the project or contract.
Interested parties who wish to participate in the bidding process prepare and submit their tenders, which usually include detailed information about their qualifications, proposed solutions, pricing, and other relevant factors. The tender evaluation process involves assessing the submitted tenders based on predetermined criteria, such as technical expertise, cost, delivery timeline, quality, and past performance.
After the evaluation, the entity issuing the tender selects the winning tender or a shortlist of qualified candidates. The chosen party then enters into a contract or agreement with the organization that issued the tender.
Tenders are commonly used in various sectors, including government procurement, construction projects, supply chain management, and outsourcing arrangements. They promote fair competition and transparency in the procurement process by allowing multiple parties to bid for a contract based on their capabilities and proposed terms.
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