Tenders Definition
A tender is an invitation to submit a proposal for a project or contract. The term ‘tender’ can be used to refer to the document that outlines the terms of the invitation, or it can refer to the act of submitting a proposal.
When a company issues a tender, they are usually seeking bids from potential contractors or suppliers. The company will evaluate the bids and award the project or contract to the bidder that offers the best value for money.
There are many different types of tenders, but some of the most common include request for proposals (RFPs), request for quotations (RFQs), and expression of interest (EOI).
Issuing a tender is often seen as a good way to ensure that companies get competitive prices for goods and services. It also helps to create a level playing field for all potential bidders.
