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Tenders are special procedures to generate competing offers from different bidders looking to obtain an award of business activity in works, supply, or service contracts.
Types of tenders Open tenders, also called advertised or competitive tenders, are open to all vendors or contractors who can guarantee performance. Example: ad and results. Invited tenders, also called prequalified, short-listed or selective tenders, are only open to selected prequalified vendors or contractors. Example: ad and results. Origin of the term When merchant ships arrived at a port of call, they would post a notice describing the goods they wished to buy or sell. This notice was delivered ahead of the ship by a tender—a small boat—and hence the process became known as tendering. See also | ||||||||
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