Key Characteristics of the Tendering System

Tendering is a well-organized and structured process that is used to invite bids for a procurement contract or the completion of a certain project. In this process, the bids are typically required to be submitted within a pre-specified deadline and the contract is subsequently awarded to the bidder charging the least sum of money for the most premium quality product.

Characteristics of the Tendering System 

• Key tender request documents that comprise of the Requests for Proposal (RFP) and Requests for Tenders (RFT), essentially highlight the requirements and necessities of the buyer. These documents may also include any exclusive criteria or special instructions that would be required to be followed by the bidders.
  
• Most tenders are widely advertised for an extensive period of time to provide ample chance to the qualified contractors in an industry to participate in it.
  
• The tendering system is aimed at promoting healthy market competition, while providing the buyer with the benefit of making their choice from a large pool of contractors. 
  
• All contractors interested in a tender would ideally be expected to prepare and submit their bids within a specified timeframe.
  
• A tender bid typically underlines the key elements of the offer of the contractors, including their schedule, pricing, quality of raw material and their eligibility for the contract. In a lot of cases, through these bids, the contractors also try to demonstrate how their product or service can effectively meet the demands of the buyers.
  
• As the evaluation of all bids is done on the basis of pre-defined criteria in the tendering system, there is no favoritism in this process.

Both large corporate houses and government organizations make use of the tendering system to ensure that their projects are completed with maximum efficiency at the most reasonable pricing. To participate in tenders issued by well-established organizations and successfully win their contracts, prospective bidders can choose to seek assistance of any firm that provides consultancy services for tenders. Apart from keeping the bidders informed of the various relevant tendering opportunities available, these firms also specialize in providing the bidders with expert guidance and assistance throughout the bidding cycle. People can easily explore the websites of the prominent enterprises providing consultancy services for tenders to acquire detailed, up-to-date and detailed information about both national and international tenders.