COMPETITIVE TENDER Meaning and
Definition
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Competitive tender is a procurement method or process through which organizations or individuals submit competitive bids or proposals for the supply of goods, services, or projects. It is a systematic way of identifying the best offer from a pool of potential suppliers or contractors.
In competitive tendering, a buyer or employer publicly invites interested parties to participate by submitting a detailed proposal that outlines the costs, methodologies, and schedules associated with delivering the required goods or services. This process aims to promote transparency, maximize value for money, and ensure fair and open competition among potential suppliers. Typically, the buyer provides a clear set of specifications, requirements, or terms of reference to guide bidders in their proposals.
The evaluation and selection of the winning bid in a competitive tender are often based on factors such as price, quality, expertise, experience, delivery timeline, and compliance with regulations or standards. Bidders may need to meet specific eligibility criteria and demonstrate their ability to fulfill the buyer's requirements. The buyer then assesses the received bids against predetermined evaluation criteria to determine the most advantageous offer.
Competitive tendering is widely used in various sectors, including government procurement, construction projects, infrastructure development, and service contracts. It ensures equal opportunities for suppliers while enabling buyers to make informed decisions by choosing the most suitable and economically favorable bid. This process ultimately fosters efficiency, cost-effectiveness, and quality in the procurement of goods and services.
Common Misspellings for COMPETITIVE TENDER
- xompetitive tender
- vompetitive tender
- fompetitive tender
- dompetitive tender
- cimpetitive tender
- ckmpetitive tender
- clmpetitive tender
- cpmpetitive tender
- c0mpetitive tender
- c9mpetitive tender
- conpetitive tender
- cokpetitive tender
- cojpetitive tender
- comoetitive tender
- comletitive tender
- com0etitive tender
- compwtitive tender
- compstitive tender
- compdtitive tender
- comprtitive tender
Etymology of COMPETITIVE TENDER
The word "competitive" has its roots in the Latin word "competere", which means "to strive together" or "to vie with". It consists of the prefix "com-" meaning "together" and "petere" meaning "to seek" or "to aim for".
The word "tender" originated from the Latin word "tendere", which means "to extend" or "to stretch". It is related to the concept of offering something for acceptance or consideration.
When combined, "competitive tender" refers to a process where multiple parties submit bids or offers to compete for a contract or project. The word "competitive" signifies the act of striving against others, while "tender" emphasizes the act of offering a proposal or bid.
