What is a tender?
A tender is a formal written offer to provide goods or services at a specified price. It is a process in which organizations invite suppliers to bid on providing goods or services.
Types of Tenders
- Open tender
- Selective tender
- Single-stage tender
- Two-stage tender
Why are tenders important?
Tenders help organizations ensure competitive pricing, transparency, and fair procurement processes. They also help in selecting the most suitable supplier for a project.
Examples of Tenders
Government tenders, construction tenders, and service tenders are common examples of tenders.
Case Study: XYZ Construction Company
XYZ Construction Company participated in a tender for a government infrastructure project. They submitted a competitive bid and won the contract, showcasing the importance of tenders in securing projects.
Tender Statistics
According to research, the global tender market is estimated to be worth billions of dollars annually, highlighting the significance of tenders in the business world.
