Tender
A formal offer to perform work or supply goods at a specified price, often in response to an invitation to bid.
A tender is a formal offer to undertake a project at a specified price, providing transparency and competition in procurement. It is crucial for ensuring fair pricing, aligning expectations, and selecting qualified contractors. By facilitating competitive bidding, tenders support informed decision-making, enhance accountability, and contribute to successful project delivery by ensuring that contracts are awarded to the most suitable and capable bidders, aligning with project goals and stakeholder needs.
Used in a sentence
The contractor submitted a tender for the new office building.
Synonyms/variation
Bid
Proposal
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