Tender - definition
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.
Reference: http://www.cips.org/products-services...
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