What Is A Tender?

A tender is a formal process by which organizations invite bids from suppliers, contractors, or service providers for a specific project, service, or procurement need. It ensures transparency, competitiveness, and fairness in selecting the most suitable proposal. The process typically involves publishing a tender notice, providing detailed requirements, and setting evaluation criteria. Interested parties submit bids outlining their qualifications, pricing, and terms. The issuing organization reviews the submissions to choose the best offer based on cost, quality, and compliance with specifications. Tenders are widely used in government, public, and private sectors for projects like construction, procurement, or service delivery.