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An offer on a product is the amount of money that a person is willing to pay for a particular product. The tender is the amount of money that has actually been paid for a product.

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10y ago

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Tender is a formal invitation to suppliers to make an offer to the buyer for the supply of goods and services as set out in the specification document within the formal tender document. Contract is the formal agreement between the buying organisation and the supplier setting out what services and products the supplier is contracted to deliver and within the timeline and contract price.


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What is the difference between an open and closed tender?

The difference between an open and closed tender is located on the range of the bidders. Open tenders allow any supplier to bid for your business and also can be useful in establishing the average cost of systems and standard inclusions/ exclusions which closed tender invites select suppliers who have been identified meet or close to your requirements.


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