Dictionary of Procurement Terms

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Search Results: 1-3 of 3 results for “Tender”

  • Invitation to Tender (ITT)

    Similar to an Invitation for Bids (IFB), a solicitation issued when two or more sources of supply have been identified, the requirement can be adequately defined, and the entity intends to accept the lowest-priced responsive tender from a responsible offeror without negotiations.

  • Nolo Contendere

    A Latin phrase meaning, “I will not contest it.” As a plea in criminal proceeding, it has an effect similar to pleading guilty; however, the defendant neither admits nor denies the charges, and the plea cannot be used against the defendant in a civil action based on the same acts. (Black's Law Dictionary)

  • Tender

    A bidding process for goods, services, or construction that is open to all qualified Bidders and where the sealed Bids are opened in public for scrutiny and are chosen on the basis of compliance with the Bid requirement and lowest price. Also referred to as competitive tender or public tender and is a term normally used in Canadian procurement. Also see Bid and Solicitation.

    See Also: Solicitation