Tender

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1.

A process in which a number of different potential suppliers put forward formal proposals, or bids, to provide specified services or goods to a customer.

Also known as a 'competitive tender', because of the competition between the potential suppliers.

For example, a bank tender in which different banks put forward proposals to provide banking services.


2.

To submit a proposal - as a potential supplier - in a tendering process.


3.

An offer of performance under a contract, most commonly an offer of the price of goods or services, made by a buyer to a seller.


4.

Abbreviation for legal tender.


See also