Expression of Interest (EOI) refers to a formal document or communication submitted by a company or individual to indicate their interest in participating in a specific project, opportunity, or procurement process.
Request for Proposal/Request for Quotation or Tenders is an invitation for suppliers, often through a bidding process, to submit a proposal on a specific product/work/service.
A formal offer submitted by a company or individual in response to a tender.
Projects come much before tenders in the project life-cycle. Projects are "broad" notices indicating the sector in which the buyer will procure goods or services in future. This helps manufacturer's/suppliers to get ready and arrange for resources for the future big orders and they can plan the expansion of their business.
Procurement News provides business development opportunities from the private and public sector, subcontracting opportunities in the form of contract award news, a way to keep you updated all the time. It keeps updated with all the changes in your industry.
Request For Proposal (RFP) - A document that outlines the requirements and specifications for a project or procurement, inviting potential vendors to submit detailed proposals.
Request for Quotation (RFQ) - A document that requests vendors to provide pricing information for specific goods or services without requiring a detailed proposal.
Request for Quotation (RFQ) - A document that requests vendors to provide pricing information for specific goods or services without requiring a detailed proposal.
Invitation to Tender (ITT) is a formal document that invites potential suppliers to submit bids in response to specific requirements.
Contract is a legally binding agreement between the buyer (the organization issuing the tender) and the winning bidder, specifying terms, conditions, and obligations.
Pre-Qualification is a process in which potential suppliers are assessed to determine if they meet certain requirements, such as financial stability, technical capabilities, or experience, before they are allowed to participate in a tender.
Invitation to Tender (ITT) is a formal document that invites potential suppliers to submit bids in response to specific requirements.
The factors and metrics used to assess and compare bids or proposals during the evaluation process.
The specific factors used to select the winning bid, such as price, quality, experience, or delivery timeline.
Evaluation Committee is a group of individuals responsible for reviewing and assessing bids or proposals to determine the best-suited vendor.
Mandatory Requirement is a specific condition or criterion that must be met by all bidders to be considered eligible for the tender.
Non-Disclosure Agreement (NDA) is a legal contract that protects sensitive or confidential information shared between the parties involved in the tender process.
Letter of Intent (LOI) is a document issued by the buyer indicating their intention to award the contract to a specific bidder, subject to final negotiations and agreement.
Performance Bond is a financial guarantee provided by the winning bidder to ensure the satisfactory completion of the contract, typically in the form of a bank guarantee or insurance.
Addendum is a supplementary document issued by the buyer to provide additional information, clarification, or modifications to the original tender documents.
Invitation to Tender (ITT) is a formal document that invites potential suppliers to submit bids in response to specific requirements.
Contractual Terms and Conditions are the specific clauses and provisions that govern the legal and commercial aspects of the contract between the buyer and the supplier or contractor.
In the context of tenders, a corrigendum refers to a formal document or notice issued by the awarding authority or the organization responsible for managing the tender process. A corrigendum is used to make corrections, revisions, or amendments to the original tender documentation.
The CPV system consists of a hierarchical structure, with codes organized into categories and subcategories. Each code represents a specific type of product, service, or work. By using CPV codes in tender notices, buyers can accurately specify their requirements, and suppliers can easily identify tenders that are relevant to their offerings.
E-Procurement refers to the electronic management and automation of procurement processes, including sourcing, tendering, bidding, contract management, and supplier relationship management, typically facilitated through online platforms or software systems.
E-Tenders refer to the electronic or online submission and management of tender documents, bids, and proposals through digital platforms or systems, replacing traditional paper-based tender processes. It streamlines the tendering process, improves accessibility, and enhances transparency for both buyers and suppliers.
The tendering authority is the organization or entity responsible for issuing and managing the tender process, including evaluating bids and selecting the winning supplier or contractor.
A procurement process where the buyer engages in dialogues with pre-qualified bidders to develop the best possible solution before submitting final bids.
Bid Opening is the formal process of publicly opening and reviewing bids in the presence of authorized personnel to ensure transparency and fairness.
Bid Protest is a formal complaint or challenge made by a bidder regarding the evaluation process, award decision, or any alleged unfairness or irregularities in the bidding process.
Bid Bond is a financial guarantee provided by the bidder to demonstrate their commitment to the bid and to compensate the buyer in case the bidder fails to fulfill the terms of the bid.
Technical Proposal is the section of a bid or proposal that outlines the technical approach, methodology, and solution offered by the bidder to meet the buyer's requirements.
Commercial Proposal is the section of a bid or proposal that details the pricing, terms, and conditions of the bidder's offer, including payment terms, delivery schedule, and any contractual obligations.
Preferred Bidder is the bidder who has been selected by the buyer as the most favorable or successful based on the evaluation of bids.
Contract Award is the formal decision by the buyer or awarding authority to select and enter into a contract with a specific supplier or contractor based on the evaluation of bids or proposals.
Winning Bidder is the supplier or contractor whose bid or proposal is selected and awarded the contract.
Notice of Award is a written communication or notification issued by the buyer to the winning bidder, formally informing them of the contract award and the next steps in the process.
Contract Value is the total monetary value or financial terms of the contract, including the agreed-upon price for the goods, services, or works to be provided.
Contract Duration is the specified period during which the contract is valid or in effect, indicating the start date and end date of the contractual obligations.
Contract Extension is the prolongation of the contract duration beyond the original end date, usually agreed upon by both parties through a formal amendment or addendum.
Contract Termination is the premature ending of the contract before the specified contract duration due to various reasons, such as breach of contract, mutual agreement, or termination clauses outlined in the contract terms.
Subcontractor is a company or individual contracted by the winning bidder to perform specific tasks or provide a portion of the goods, services, or works outlined in the main contract.
Change Order is a formal written instruction or amendment issued by the buyer to the winning bidder, introducing modifications or changes to the originally agreed-upon scope of work, deliverables, or contract terms.
Liquidated Damages are the pre-determined financial penalties or compensation payable by the winning bidder to the buyer in case of non-compliance with specified contractual requirements, such as project delays or quality issues.
Progress Payments are the pPartial payments made by the buyer to the winning bidder during the contract period, based on the completion of predetermined milestones or deliverables as outlined in the contract.
Force Majeure is the unforeseeable and uncontrollable events or circumstances beyond the control of the parties involved, which may excuse or delay the performance of contractual obligations, as defined in the contract terms.
Contract Closeout is the formal completion and finalization of the contract, including the settlement of outstanding matters, final payment, and any necessary administrative or legal procedures.
GlobalTenders (www.globaltenders.com) is the most preferred and popular website from several reputable websites and platforms that provide information on global tenders, contract awards, procurement plans, RFQs (Request for Quotations), RFPs (Request for Proposals), and project information.
These are some key terms commonly used in the context of tenders, bids and contract awrds. The specific terminology may vary depending on the industry and region