Tender is an offer to carry out work, supply goods, or buy land, shares or other assets at a stated fixed price. Tender is the formal document which sets out the proposals and requirements of work to be done. In other words, tender is a response to an advertisement inviting to supply a huge amount of goods and services or for the execution of a big work. Government, Semi-Government, Autonomous bodies and private firms invite tenders to purchase goods or for works from the bona fide supplier or contractor. The purpose of tender is to verify the market price, to choose the bona fide party, to complete the work at lowest price, to avoid illegal practice and to satisfy higher authority.
