When multinational companies and government agencies wants to hire a supplier or service provider, they don’t do any market research or meetings with other companies but to save the resources and time, they give an ad in the local or international newspaper regarding their needs and the details of the project. This way, the suppliers and service providers contact that company or government department and provide them their price quotations or expected expenses of the project along with the details of the products and services they will provide. The company with the lowest prices and highest quality products wins the contract and awarded with the project. This whole process is to giving tender and asking for bids. The ad published in the newspapers is called tender notice.
Brief Description of Tender Notice:
Government agencies don’t do any research in the market or meet with each supplier or service provider just to see which one of them has the lowest rates and more credibility in the market. Rather, they provide their needs in newspapers and ask for potential contractors and suppliers to provide them with their rates and after that, by analyzing all the price quotations by different suppliers, the contract is awarded to the company that has best credibility, low rates and high quality products.
Elements of a Tender Notice:
It depends on each company that what kind of tender notice is publishes and what elements added in the notice are. Usually it includes;
- Name of the company publishing the tender notice
- Name of the project
- Type of tender (open or closed)
- Criteria for qualifying to apply to the tender notice
- Details of the project
- Information to send the price quotations
- Date when the tender will be issued to one company
Benefits of Tender Notice:
There are many benefits of tender notices but the most important thing is that this way, the company that is publishing the notice, gets more suppliers and with the competition between more than one supplier, it also gets very good rates for the products or services. For example, a company wants to hire a construction company to construct a new building for the office and it publishes the ad in local newspaper. This way the construction companies contact that company and provide their rates and the company with lowest rates is awarded with the contract. Another benefit of this notice is that, this way public limited companies provide useful information to the stakeholders so that there won’t be any surprises or issues in the future.
Where to find Tender Notices?
It depends on each government, private sector and country rules and regulations that where the tender notice is published. In some countries, these notices are published on the magazines printed by the government agencies where in most of the countries, these notices are published in local newspaper, magazines and on the electronic media.
There is usually a separate page on each newspaper dedicated for publishing tender notices. On this page, you can find tender notices published by local, national and international organizations and government agencies.
Here is preview of a Free Printable Tender Notice Template created using MS Word,
Here is download link for this Tender Notice Template,