An invitation to tender (ITT, otherwise known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts,

1. Tender Bidder
An invitation to ​tender ​(ITT, otherwise known as a call for bids or a
request for tenders) is a formal, structured procedure for generating
competing offers from different potential suppliers or ​contractors
looking to ​obtain ​an award of business activity in works, supply, or
service contracts, often from ​companies ​who have been previously
assessed for suitability by means of a supplier questionnaire (SQ) or
pre-qualification questionnaire (PQQ).
AddressBazar.com is an Bangladeshi Online Yellow Page. From here you
will find important and necessary information of various ​tender bidder
related organizations in Bangladesh.

2. The term "notice inviting ​tenders​" (NIT) is often used in purchasing in
India.
An ITT differs from a request for quotation (RFQ) or a request for
proposal ​(RFP), in which case other reasons (technology used, quality)
might cause or allow choice of the second best offer. An RFP is a
request for a price from a buyer but the buyer would also expect
suggestions and ideas on how the project work should be done. RFPs
are thus focused on more than just pricing/​cost​, they entail a bit of
consulting from the contractor or vendor. The closest equivalent to an
ITT in the mainstream private sector is an RFP which, since public
money is not involved, typically has a less rigid structure.
Types
● Open ​tenders​, open calls for tenders, or advertised tenders are
open to all vendors or contractors who can guarantee
performance.
● Restricted tenders, restricted calls for tenders, or invited
tenders ​are only open to selected pre-qualified vendors or
contractors. The tender stage may form part of a two-stage
process, the first stage of which (as in the
expression-of-interest (EOI) tender call) was itself advertised,
resulting in a shortlist of selected suitable vendors.
● Sole source ​tenders​, where only one potential supplier is
invited to submit a tender.

3. The reasons for using restricted tenders differ in scope and purpose.
Restricted tenders can come about because of:
● confidentiality ​issues (such as in military contracts)
● the need for expedience (as in emergency situations)
● a need to exclude tenderers who do not have the financial or
technical capabilities to fulfill the requirements.
A sole source tender may be used where there is essentially only one
suitable supplier of the services or product.
Origin of the term
Dictionaries explain the ​etymology ​as coming from Old French tendre,
which means 'to offer'.

4.
Typical template contents
A typical invitation to tender template in any project has the following
sections:
● Introduction
● Project ​background
● Legal ​issues​: proposed terms and conditions of contract
● Supplier ​response ​required
● Timetable for choosing a supplier
● Requirements ​for tender submission, for example a fully
completed but otherwise unamended form of tender must be
submitted by the specified deadline.
Locating tender opportunities
Public sector ​organisations ​in many countries are legally obliged to
release tenders for works and services. In the majority of cases, these
are listed on their websites and traditional print media. Electronic
procurement and tendering systems or e-procurement are also
increasingly prevalent. The European Union states that 235,000 calls
for tender are issued annually using its Tenders Electronic Daily (TED)
system, including those issued by countries in the European Economic

5. Area and beyond. Public sector organisations in the United Kingdom
use this system but from 1 January 2021, on the conclusion of the Brexit
process, a new e-notification service called "Find a Tender" (FTS) will be
used to post and view public sector procurement notices.
A number of ​companies ​provide subscription alert services which send
notifications of relevant tender documents to the subscriber.
An array of private organisations also assist businesses in finding out
about these tenders. Cost may vary from a few pounds a week to a few
hundred.

6. Because of the specialised language and sometimes difficult-to-grasp
procedures, there are several consulting organizations who also offer
companies tender writing training, or undertake bid-writing for them.
ITTs may be distributed to potential bidders through a tender service,
allowing businesses to receive and search live tenders from a range of
public and private sources. These alerts are most commonly sent daily
and can be filtered down by geographical area, or by business sector.
Some tendering services divide types of business very finely in their
own way, by CPV (Common Procurement Vocabulary) codes. This
enables a business to find ITTs specific to what that business can
supply.
An ITT is usually an open invitation for suppliers to respond to a
defined need as opposed to a request being sent to selected potential
suppliers. The ITT often requests information following on from other
information gathered previously from responses to a Request for
information (RFI). This will usually not only cover product and service
requirements, but will also ask for information about the suitability of
the business.
An ITT is usually expected to conform to some legally standardized
structure designed to ensure impartiality, and the tender bid winner is
entitled to take responsibility for the contract business supply
documentations formalities and settle any tender bid engagement
charges for official recording.

7.
Bidding
Bidding is an offer (often competitive) to set a price tag by an individual
or business for a product or service or a demand that something be
done. Bidding is used to determine the cost or value of something.
Bidding can be ​performed ​by a person under influence of a product or
service based on the context of the situation. In the context of auctions,
stock exchange, or real estate the price offer a business or individual is
willing to pay is called a bid. In the context of corporate or government
procurement initiatives, the price offer a business or individual is
willing to sell is also called a bid. The term "bidding" is also used when

8. placing a bet in card games. Bidding is used by various economic niches
for determining the demand and hence the value of the article or
property, in today's world of advanced technology, the Internet is a
favored platform for providing bidding facilities; it is a natural way of
determining the price of a commodity in a free market economy.
Many similar terms that may or may not use the similar concept have
evolved in the recent past in connection to bidding, such as reverse
auction, social bidding, or many other game-class ideas that promote
themselves as bidding. Bidding is also sometimes used as ethical
gambling in which the prize money is not determined solely by luck but
also by the total demand that the prize has attracted towards itself.