Tendering Contracts: What is a Tender

Description

This Skill Bit shows that a tender is a formal procurement process where organizations invite bids from potential suppliers to fulfill specific projects or supply goods and services. This transparent and structured method ensures fairness and efficiency. It involves need identification, preparation of tender documents, inviting bids, evaluation, contract awarding, and execution. Tenders drive competition, innovation, and cost-effective solutions across various industries.

Duration approx. 4 Min.

Tier: proficiency