Tender
In British, European and Commonwealth usage, a tender is both the buyer's formal invitation to bid and the supplier's bid itself: a buyer "issues a tender" and a supplier "submits a tender".
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Definition
In British, European and Commonwealth usage, a tender is both the buyer's formal invitation to bid and the supplier's bid itself: a buyer "issues a tender" and a supplier "submits a tender". In the U.S. the usual words are bid, solicitation or RFP.
The UK Procurement Act 2023 builds on the word: its competitive tendering procedures are the open procedure and the competitive flexible procedure, advertised with a tender notice.
How it differs
- 01
vs. Request for proposals (RFP)
A U.S. RFP is one kind of solicitation; tender covers every competitive procurement. What is RFP?
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Related terms
Questions
What does "tender" mean in procurement?
In British, European and Commonwealth usage, a tender is both the buyer's formal invitation to bid and the supplier's bid itself: a buyer "issues a tender" and a supplier "submits a tender". In the U.S. the usual words are bid, solicitation or RFP.
What is the difference between Tender and RFP?
A U.S. RFP is one kind of solicitation; tender covers every competitive procurement.