Tenders (explanation and types)
Tender Introduction The term "tendering" refers to the procedure by which financial institutions and governmental entities request bids for significant projects that must be submitted within a specific time frame. An invitation to tender (ITT, also known as a call for bids or a request for tenders) is a formal, structured process for gathering competing offers from various prospective suppliers or contractors seeking to be awarded business activity in the form of supply, service, or work contracts. Majorly, these offers come from businesses that have already had their suitability evaluated using a supplier questionnaire or pre-qualification questionnaire. For projects or procurements, most institutions have a well-defined tendering process. There are also procedures in place to govern the vendor opening, evaluation, and final selection. This ensures a fair and transparent selection process. “ When it comes to the business indu...