A formal offer from a supplier, typically in response to a Request for Tender [RFT]. Tenders are commonly used where there is a defined scope of work and there are multiple suppliers capable of bidding for the contract. In the public sector, tenders may be open to all potential bidders, or restricted to selected bidders. In some cases there may be a single tenderer. The tender document is usually structured such that the supplier’s offer may be accepted unconditionally, usually under the buyer’s terms and conditions.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.