what is tender

11 months ago 21
Nature

Tender has different meanings depending on the context. Here are some definitions:

  • Invitation to Tender: A formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works. A typical invitation to tender template in any project has the following sections: Introduction, Project background, Legal issues: proposed terms and conditions of contract, Supplier response required, Timetable for choosing a supplier.

  • Finance: An invitation to bid for a project, usually a large bid from contractors for projects by governments and financial institutions. It may also refer to the acceptance of a formal offer, which can include a takeover bid.

  • Business: An offer to perform a particular task or supply goods at a pre-decided and set price rate. In the initial steps of the tender process, the contractors are invited to submit the sealed bids for a construction or for providing the said goods and services at a fixed rate during a specific period of time.

  • Emotions: Marked by, responding to, or expressing the softer emotions: fond, loving. Showing care: considerate, solicitous.

  • Cooking: Cooked just enough to retain quality; not tough or hard: a tender steak.

In general, tender refers to an invitation to bid for a project or an offer to perform a task or supply goods at a pre-decided price rate. It can also refer to showing care or expressing softer emotions.