OPEN TENDER Meaning and
Definition
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Open tender refers to a procurement process where bids or proposals are invited from various interested parties, such as contractors, suppliers, or service providers, in order to procure goods, services, or construction contracts. It is a transparent procedure that allows any eligible individual, organization, or business entity to participate without any restrictions or pre-qualifications.
During an open tender, the buyer, often a government entity or a public sector organization, advertises the tender opportunity publicly through various platforms. This notification should include specific details about the requirements, specifications, and terms and conditions of the procurement. Interested parties then prepare and submit their bids or proposals within a specified deadline.
The bids or proposals received are evaluated based on specific criteria defined in the tender documentation, such as technical competency, cost, quality, and relevant experience. Once the evaluation process is completed, the buyer awards the contract to the successful bidder whose submission best meets the specified requirements.
Open tenders are an important aspect of promoting fairness, competition, and transparency in the procurement of goods and services. By allowing a wide range of suppliers to participate, open tenders increase the chances of obtaining the best value for money. This process also helps prevent favoritism, corruption, or any other form of unfair practices, as the selection and awarding of contracts are done through a rigorous and impartial evaluation process.
Common Misspellings for OPEN TENDER
- ipen tender
- kpen tender
- lpen tender
- ppen tender
- 0pen tender
- 9pen tender
- ooen tender
- olen tender
- o-en tender
- o0en tender
- opwn tender
- opsn tender
- opdn tender
- oprn tender
- op4n tender
- op3n tender
- opeb tender
- opem tender
- opej tender
- opeh tender
Etymology of OPEN TENDER
The term "open tender" comes from the combination of two words: "open" and "tender".
1. Open: The word "open" has its origins in Old English and can be traced back to the Proto-Germanic word "upana", meaning "upward" or "open". It evolved through Middle English and eventually settled into its current form with the meaning of unrestricted, accessible, or available to all.
2. Tender: The word "tender" has its roots in Old French and Latin. In Old French, it was "tendre", derived from the Latin word "tener", meaning "soft" or "delicate". Over time, "tender" expanded in meaning to include gentle, delicate, or giving care. In the context of business and contracts, "tender" refers to a formal offer to supply goods or services at a stated price.
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