Tendering
Tendering refers to the process of inviting bids or proposals from various parties, typically companies or individuals, to provide goods or services according to specified requirements. It's a formalized procedure commonly used in government procurement, construction projects, and various industries to ensure transparency, fairness, and competitiveness in the selection of suppliers or contractors.
Tendering is intended to promote competition, transparency, and accountability in procurement processes, ensuring that the best value for money is obtained
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William Jomurray Envato Author
Tendering Process involved Furthur Steps:
It also provides an opportunity for a wide range of suppliers to compete fairly for contracts, thus fostering innovation and efficiency in the delivery of goods and services.
- Preparation: The organization seeking goods or services creates tender documents outlining the requirements, specifications, terms, and conditions
- Advertisement: The tender is publicly announced or advertised to invite interested parties to participate. This can be done through various channels such as newspapers, online platforms, or specialized tender portals.
- Submission: Interested parties, known as bidders or tenderers, submit their proposals or bids before the deadline specified in the tender documents.
