Tendering Definition
In business, tendering is the process of making an offer, proposal, or bid, in response to an invitation to tender. It is a formal proposal to do work or provide services at a fixed price. The main purpose of tendering is to secure work by offering the most advantageous terms to the potential employer.
When tendering for work, businesses need to take into account a number of factors including:
– The type of contract they are willing and able to undertake
– The timescales involved in completing the work
– Their capacity to take on additional work
– The price at which they are prepared to do the work
The process of tendering usually starts with the publication of a notice in the Official Journal of the European Union (OJEU), inviting bids for a particular contract. This is followed by a period of advertising, during which businesses can register their interest in bidding for the contract.
After this, potential bidders will be invited to submit their proposals, and these will be assessed by the contracting authority. The successful bidder will then be awarded the contract.
Tendering is a complex process, and businesses need to make sure that they put forward their best possible offer if they want to stand a chance of being awarded a contract.
