It is basically the process where a buying organisation publishes its intention
to purchase goods, works or engage the services of consultant from a vendor / contractor
/ consultant (a supplier) through a process of seeking formalised bids in order
to select the most competent and/or competitive bids.
In practice, there are several variations of this process and their individual usage
depends upon the size of procurement, the nature of the works, and the type of goods,
works or services being procured.
Tenders can be fixed amount tenders, item rate tenders or percentage rate tenders.
There are also open tenders and limited tenders. Tenders can be for one-time supply
of goods or rated contracts where the resultant bids become a contractual framework
for multiple supplies over a period of time.