Tendering Contracts: How does a Tender Work

Description

This Skill Bit shows that a tender is a formal procurement process where organizations invite suppliers to submit competitive bids for goods, services, or works. This process ensures transparency, fairness, and value for money. It involves need identification, tender preparation, advertisement, bid submission, opening, evaluation, clarification, award, contract signing, execution, and post-contract evaluation. Tenders promote competition and accountability, helping organizations achieve cost-effective and compliant procurement.

Duration approx. 5 Min.

Tier: proficiency