Tendering means a company or organization wishing to obtain goods or services will first specify requirements. Subsequently, it will open the bidding in a process known as Tendering. Interested companies can submit their proposals to the client within a finite deadline. The procurement team will evaluate the bids to decide which offer best suits its requirements. The company that has successfully won the tender will be selected to perform the work by contract.
For projects or procurement, most organizations have a well-defined tender process, as well as processes to govern the opening, evaluation, and final selection of the vendors. Tender offers related to takeover attempts, the conditions of the offer are clearly listed and include the purchase price, details and a deadline for a response. The tendering process is set out in a few stages to ensures the tender is well managing, fair, transparent and in line with organization principles.