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 industries, there is a  lot of dealing and trading of goods and services that takes place. These deals require the  companies to make a formal offer for the exchange of goods and services with other  organizations. This offer or bid is put forward in the form of a tender” (Anjane, 2022).  

Open tender 

The most common tendering procedure used by both the government and the private sector is  open tendering. Open tendering allows anyone to submit a tender to supply the goods or  services required and gives any organisation an equal opportunity to submit a tender. This is  the most common type of tender in the engineering and construction industries. Open tendering  generates the most competition among suppliers and has the advantage of providing  opportunities for new or emerging suppliers to secure work. However, not all bidders may be  qualified for the contract, and evaluating the tenders will take more time. Below given are some  examples of open tenders. 


Negotiated tender 

From tendering to dispute resolution, negotiated tenders are widely used in the engineering and  construction industries. Negotiating with a single supplier may be appropriate for highly  specialised contracts or extending the scope of a current contract. Costs are reduced, and early  contractor involvement is possible. Because the contractor is a member of the project team at  all stages, communication and information flow are improved. Below are some examples of  negotiated tender.

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