What Are Tenders & Its Various Types?

A tender is an invitation to bid for a project or obtain a formal offer such as an acquisition bid (Takeover bid). The process of Tendering usually refers to the process whereby various governments and financial institutions invite bids for large projects which must be submitted within a deadline date. Based on the goods & services to be procured through tenders, they are categorized by the following types:

• Work Contract Tenders
• Goods Tenders
• Service Tenders
• Project Tenders

Various types of procedures are to be adopted for purchase of goods, services, works and projects. This depends on the types of goods & services, their frequency of purchase, and other specifications. Based on the availability of tenders such as “Who” can participate for tenders, these are further classified into:

• Open Tenders: Whichever contractor can engage in such kinds of tenders. It is a kind of Post evaluation method where at the time of Bid Opening his capabilities are checked to execute the given works.
• Limited Tenders: These are tenders which are valid only for approved bidders who can participate in these tenders. It is a close circle of tenders where competition is among the pre qualified bidders.
• Single Tenders: These are tenders when only a single source of supply is available and only a single tender is addressed to a selected supplier.
• Global Tender: These tenders are open to everybody from any part of the world to supply the required quantity and quality of materials.

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