A Tender system involves an organization or government inviting the public to supply them with goods or services for a prescribed period.
The firm invites the public using online publication, tender notice boards, radio broadcast or mass media like television or radio.
How A Tender Process Works
- To avoid corruption the Government or firm publishes the services or goods it requires and invites all registered bidders or public to participate.
- Successfully bidders enter into a contract agreement with the government or firm.
- Successfully organizations submit their company documents, which include cr14, certificate of incorporation, list of directors, company profile and current tax certificate.
- At least three trade references is also required.
- A site visit might be organized for large projects.
- Bidders must fulfill their contractual obligations and deliver on their promises
- Payment of the services or goods will be done after the final delivery of the goods or services
In a corrupt free economy or market, a tender process is open to all registered companies or entities to participate without fear or favor. The best bidder/s are awarded the tender based on the best cost and the best quality between all competing bidders.