Apparently, bidding and tendering appear to be interchangeable, but bidding is essentially an offer to purchase something in a contest, whereas a tender is an offer to provide specified services or goods at a specified rate.
To get an effective bidding and tendering, the most crucial parameter is the confidence given by the tender or bidder, of being able to purchase or provide in conformance with all the stated terms. The API-driven estimating software helps you to easily create tendering tools as per your needs.
Bidding is generally less formal and much more transparent, in contrast with tendering. Tenders are often on big scale whereas bids may be as little as an offer to write a post for five bucks or as large in size as an offer to purchase an original painting of Picasso for multi-million bucks.
What’s a Decision Matrix?
Conclusion matrices are encouraging tools to ease decision makers in finishing if bidding or bidding is successful. A goal made matrix; called COWS method, entails Criteria setting, Options identification, weighing the standards and therefore coring the standards.
What decides the achievement of bidding or bidding?
The maximum bid offered by a bidder, or even the cheapest offer supplied by a tenderer, decides the achievement of bidding or bidding generally though isn’t a rule. Authorities thus declare at the time of inviting sealed tenders, they book the right of rejection without assigning any reason.
The logic behind this approach is said, to have the choice to think about the satisfaction of their suggested needs that have been given at the time of starting a bidding or drifting a tender. Virtually, however, it may do more damage than good and tenders of mega jobs become a way of receptive and large-scale corruption.