Tender: It is an invitation from owner/client calling for a formal written offer to undertake/execute some specific work or provide services( at a specified cost and in specified time with a set of requirements or specifications) from prospective tenderers in the specified tender form (RFP). Bid: A bid is a quoted tender either in the specified form of the employer or contractor. Bidding is an offer(often competitive) of setting a price for specific work or service to be provided. Tendering is the process by which bids are invited from interested contractors to carry out specific packages of construction work. Tendering should adopt and observe the key values of fairness, integrity, honesty, clarity, simplicity and accountability keeping in mind the value for money. Three Types of Tendering Methods used in Construction Industry: 1.

The advantages and disadvantages of the various procurement procedures Student paper Course: State aid and Public Procurement in the European Union.

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