Published : 21/06/2022
When it comes to certain businesses, there is a lot of dealing and trading of goods and services that take place. These deals not only require the companies to make a formal offer for the exchange of goods and services with other organizations but also negotiate the best deal. This offer or bid is put forward in the form of a tender. To understand the criticality of a tender in the business industry, let us go through the term in a little more detail and see how it actually works.
The government of India has asked the private and public suppliers to send in their bids for a civil work tender - the construction of a bridge. Here, the government of India is the issuer of the tender whereas, the various private and public businesses/companies who send in their bid to bag the project are the bidders.