Tenderable definitions
| Word backwards | elbarednet |
|---|---|
| Part of speech | The word "tenderable" is an adjective. |
| Syllabic division | ten-der-a-ble |
| Plural | The plural of the word "tenderable" is "tenderables." |
| Total letters | 10 |
| Vogais (2) | e,a |
| Consonants (6) | t,n,d,r,b,l |
Understanding Tenderable
Tenderable is a term used in business and procurement processes to describe items or services that can be subjected to a tender process. In simple terms, it refers to goods or services that are open for bidding by interested parties. This competitive bidding process allows organizations to select the best supplier based on factors such as price, quality, and delivery terms. Tenderable items may range from construction projects to supply contracts and everything in between. Tenderable items are typically high in value and require careful consideration before awarding to a supplier.
The Tender Process
In the tender process, organizations release a formal document outlining the details of the project or service they require. This document, known as a tender document, includes specifications, terms and conditions, and evaluation criteria. Interested parties, also known as bidders, then submit their bids detailing how they can meet the requirements outlined in the tender document. The organization evaluates these bids and selects the winning bidder based on predefined criteria. The entire tenderable process is conducted transparently to ensure fairness and impartiality.
Benefits of Tenderable Items
The use of tenderable items offers several benefits to organizations. Firstly, it allows for a competitive environment where bidders strive to offer their best prices and terms to win the contract. This competitive pressure can result in cost savings for the organization. Additionally, the tender process ensures that the chosen supplier meets the specified quality standards and can deliver the required goods or services on time. By opening items up for tender, organizations can access a wider pool of suppliers, increasing the chances of finding the most suitable partner for the project.
Conclusion
In conclusion, tenderable items play a vital role in the procurement and sourcing activities of organizations. By allowing items to be bid on by interested parties, organizations can secure the best supplier for their needs while ensuring transparency and fairness in the selection process. Understanding the tender process and the benefits it offers can help organizations make informed decisions when it comes to sourcing goods and services.
Tenderable Examples
- The contract is tenderable for review by legal counsel.
- The job offer is tenderable until the end of the week.
- The proposal is tenderable for consideration by the board of directors.
- The merchandise is tenderable for return within 30 days.
- The terms of the agreement are tenderable for negotiation.
- The payment is tenderable in cash or credit card.
- The voucher is tenderable for redemption at the store.
- The bid is tenderable for acceptance by the client.
- The coupon is tenderable for a discount on the next purchase.
- The goods are tenderable for delivery to the customer.