Knowing how open tenders can take longer to choose from, contractors may sometimes send out tendering invitations to a preselected range of companies.
The time required of contractors to evaluate all bids is also considerably lengthier than with other types of tenders. Accessibility is, unfortunately, a double-edged sword, as it often leads to high levels of competitiveness among participants. One big advantage of public tendering lays in its accessibility: all applicants (albeit many in number sometimes) are offered an even chance of winning, regardless of expertise, resources or renown. In this case, the invitation to tender is public and applications are open (as the name entails) to any interested parties. This is the most popular form of tendering across both the public and private sectors. The tender document types which will be covered are open (or public) tenders, selective, negotiated, single/ two-staged and term tenders. Each of them comes with their own different advantages and disadvantages but what’s more so, each has its own particularities making it better suitable for some situation than for others. In this blog post, we’ll take a deep dive into such insider terms used to refer to the types of tender documents that exist.
Often in the procurement world, different jargon gets thrown around which might catch you off guard if you’re not paying attention.
