Tendernoun

A formal, structured competitive bidding process, common in public buying.

A tender is a formal invitation to bid under fixed rules: published requirements, a closing date, sealed submissions and a documented evaluation. Deviating from the published rules can invalidate the award.

Public and donor-funded buying is usually tender-driven because the process must be auditable by outsiders. Every step — advertisement, clarification, opening, evaluation, award, debrief — leaves a record.

Also called