← Dictionary


What is a Tender?

A tender is a formal proposal or request issued by a company, and sometimes government, to suppliers. Generally, the issuance of tender is a call for the suppliers to bid for the supply of a specific project, product or service.

The tender is mostly issued to get a project done at a reasonable cost and time frame possible. To ensure a smooth and fair competition among the bidders, the process of bidding is guided by law.