In answering this question, it is helpful to understand, what procurement is – the Wikipedia definition is as follows: “Procurement is the process of buying goods/products or services or work through a formal buying process that includes agreeing the terms. Procurement enables an organisation to purchase from external sources, often through a competitive process.”
A tender is used in procurement processes by governments and public sector organisations when inviting bids for large projects or contracts.
An Invitation to Tender (ITT) or request for tender (RFT) is a formal invitation to prospective suppliers to submit a competitive bid to supply products or services. This bid typically includes providing detailed information about the product or service offered, in addition to the pricing.
Find out more about what is involved in tendering at our blog: https://tendervictory.co.uk/prepare-for-tendering/