What is a tender or bid?

A tender or bid is a formal offer or proposal submitted by a contractor or supplier in response to a request from a company or organization for the provision of goods or services. The tender or bid will typically include details such as the price, timeline, specifications, and terms and conditions of the proposed project. The company or organization will then review the submissions and select the most suitable bidder based on factors such as cost, quality, and experience. Tendering is a common process used in procurement to ensure fair and competitive pricing for projects.

This mind map was published on 2 October 2024 and has been viewed 35 times.