Tenders are formal invitation to businesses to submit bids for a specific contract. It is often used by governments and large organizations to procure goods, services & works.
Types of Tenders
There are mainly 3 types of tenders. These 3 types are for Suppliers, Service Providers & Contractors. They are as below,
- Works Contracts
A goods tender is a formal invitation to businesses to submit bids for the supply of goods. It is often used by governments and large organizations to procure goods. Businesses who are registered as suppliers can participate in such tenders.
It is a formal invitation to businesses to submit bids for providing services. It is often used by governments and large organizations to procure services such as Man Power Supply like Computer operators, Drivers, Cleaners, Helpers.
Its also used in hiring vehicles.
A work contract tender is a formal invitation to businesses, to submit bids for a specific work contracts like Construction Projects. To participate in works contracts, then you need to register as a Contractor. Only those who have license, can participate in such tenders.
Governments and large organizations often follow a procedure to procure goods, services, or works. The process typically involves the following steps:
Publication of notice
The organization publishes a tender notice, which includes information about the contract or project, such as the scope of work, the deadline for submissions, and the evaluation criteria.
Submission of bids
Businesses interested in the contract or project submit their bids. The bids typically include information about the price, the scope of work, and the delivery date.
Evaluation of bids
The organization evaluates the bids and selects the winning bidder. The evaluation criteria can vary depending on the specific contract or project, but some common factors which they consider include price, quality, experience, and references.
In some cases, the organization may negotiate with the winning bidder to arrive at a mutually agreeable price or contract terms.
Signing of contract
The winning bidder is typically required to sign a contract with the organization. The contract will typically specify the terms and conditions of the contract, such as the price, the scope of work, the delivery date, and the warranty.
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