Tender

The tender means an offer in writting form a contract to execute the certain specified work or supply of material for certain payment.

Necessity:-
                     The tender is required to know whether there is any person(contractor) who is ready to come forward and execute the work within specified time limit and finance.

The types of tenders are as follows.

1. Local tender

2. Global tender

3. Open tender

4. Limited tender

5. Negotiated tender

1. Local tender:- This type of tender notice is circulated through local news paper. This can be invited for any type of work. This generally preffered for the projects which not requires specified designs or jobs and manufactures.

2. Global tender:- These tenders are published in internationally circulated news papers and contractor around the world can fill the tender. For big and specified job and manufacturing the invitation of global tender is required.

3. Open tender:- In this type of tender any contractor can enter and fill the tender to get entered in the competition and to get an opportunity to execute the work.

4. Limited tender:- In this tender notice the class of contractor is defined and only the contractors having class defined in the notice can fill this tender. This type of tender is limited for those class contractor so it is called limited tender.

5. Negitiated tender:- In this type of tender the price for which the tender is to be paid is negotiated with the single contractor, therfore it is called as negotiated tender.