An invitation to tender (ITT) is a formal document issued by a company or organization to invite potential suppliers or service providers to submit their proposals and bids for a specific project or contract. It is typically used in the procurement process for large-scale or complex projects in industries such as construction, engineering, or public sector service procurement.
The invitation to tender outlines the details and requirements of the project, including the scope of work, specifications, timelines, and evaluation criteria. It provides potential suppliers with the necessary information to understand the project's objectives and deliverables, enabling them to prepare and submit a competitive proposal.
The ITT is often advertised and distributed widely, ensuring that multiple suppliers have an equal opportunity to participate in the competitive bidding process. It aims to promote transparency, fairness, and efficiency in the selection of suppliers while ensuring the best value for the company or organization.
After the submission deadline, the procuring company or organization evaluates the received bids based on predetermined criteria such as cost, technical capabilities, quality, and compliance. Following the evaluation, the successful bidder is awarded the contract.
Overall, an invitation to tender serves as a vital tool in the procurement process, facilitating the selection of qualified and competitive suppliers while allowing the company or organization to achieve its project goals and objectives.
