What is Tender | Explained by Tenders on Time

What is Tender | Explained by Tenders on Time
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The word “Tender” has 2-3 different literal meanings like: Soft/Delicate; Surrender/Give; and the other meaning which is again derived from the word-Surrender/Submit/Give.
The equivalent terms used in other languages are: appeld'offre, inschrijvingen, Tarjousten, Solicitations, las ofertas, locauerunt, offerte, ihaleler etc
The later meaning of the word Tender is used in Public Procurement. Tendering is the method of purchasing, most commonly used by Public Entities or Govt organizations. Since the public servants in Public organizations purchase the products, works and services for Public, they need to follow well laid down procedures in order to make sure that the procurement is transparent, Economical and the money is spent on the indented purpose only.
The World Bank Procedures are known as the mother of all procedures, which are then adopted/customized by different entities around the world.
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