What is tender definition?

A tender is an official, formal invitation to companies or individuals to bid for a particular contract, project or asset. It is an offer to do some work at a fixed price or on a specific set of terms and conditions. Tenders are usually advertised publicly, and they often require companies to submit detailed proposals that outline their qualifications, experience, expertise, and approach to delivering the goods or services being sought. Tendering is a common practice in the public sector, but it is also used in the private sector. The selection process for a tender usually involves a careful evaluation of the bids received, based on pre-specified criteria such as price, quality, delivery time, and compliance with legal requirements. The aim of the tender process is to ensure that the best bidder is selected for the job, and that the interests of the tendering organization and the bidder are both protected.