Cost and work accounting

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 what is mean by tender . what is the purpose to prepare tender who should prepare it . kindly give relevant answer thank you

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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24 September 2012 One of the key ways in which the public sector buys, or 'procures' goods and services, is via a tender - a formal document which sets out the proposals and requirements of work to be done. The tendering process allows the buyer - in this case, the public sector - to set out their requirements and allows suppliers to submit offers to the tender, showing how they intend to meet those requirements.

Tendering is the process of making an offer, bid or proposal, or expressing interest in response to an invitation or request for tender. Organisations will seek other businesses to respond to a particular need, such as the supply of goods and services, and will select an offer or tender that meets their needs and provides the best value for money.

The purpose is to confirm that the proposed project can be economically developed on the selected site, and to investigate and provide all data, calculations and outline plans based on the different investigations required for the project approval and detailed planning.

The tendering process is generally utilised for procurements or contracts involving substantial amounts of money. Tendering is utilised by:

Government departments, offices and agencies
Private sector companies and businesses
Overseas markets and businesses

While the concept of tendering may seem daunting at first, it can be easily tackled by having a plan of ‘attack'. When becoming involved in a tendering process, it is important to understand your business' suitability for the project; whether your business' current situation will allow for you to tender, as well as your ability to manage the contract if you are successful in winning the tender. By understanding these points and ensuring you can demonstrate that you are able to meet the criteria and offer a competitive bid, you will increase your chances of success.

eminent expert please take the suitable definition if i am wrong......

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2012 thank you

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