Tendering is a highly structured and well-defined system with the help of which both public and private sector organizations across the world invite bids from contractors and suppliers for the completion of certain projects. These projects are usually of a very large scale, and therefore require a significant sum of investments. Most of these projects are time sensitive as well, and thus a stringent deadline has to be adhered to for their completion.
In a typical tendering process, the buyer issues a document known as Request for Proposal or Request for Tender. This document underlines their requirements, needs, and expectations from the contract, as well as mentions the selection criteria. And, in response to this document, all interested firms operating in the particular industry can submit their individual bids while highlighting the details of their proposals, outlining their USP and quoting a price. The information mentioned in the proposal also includes the materials to be used for the project and schedule for its completion.
International Tenders
Tenders are issued by a number of well-established and reputed organizations across the globe, and can be related to diverse industries. Participating in global tenders can go a long way in assisting a firm to expand their business prospects and delve into the international market. Organizations issuing tenders on a global platform are usually major multinationals and corporates, NGO’s, and even government agencies and departments. Interested contractors can easily avail information about global tenders through prominent and reliable websites offering latest tender details, as well as through business focused newspapers, journals, and magazines.
While sourcing ideal global tenders to bid for, prospective contractors should take into account the following factors in order to ensure a profitable deal:
- The financial stability and the all-round infrastructure of the company issuing the tender.
- The goodwill and the market reliability of the buyer.
- The overall capacity of the bidder to orderly complete the contract with utmost efficiency and within the relevant deadline.
- The infrastructure, technical abilities, qualifications, experience and accreditations of the bidder and whether it matches with the expectations of the buyer.
The contractors must gain maximum knowledge about the reliability of the buyer before participating in a tendering process in order to avoid any kind of risk, especially when it comes to transnational transactions. They can even seek assistance from a reliable website where latest information about public procurement policies and procedure of various agencies across the globe are regularly published and even emailed to subscribers.
