Hear this out loudPauseOpen tendering is the main tendering procedures employed by both the government and private sector. Open tendering allows anyone to submit a tender to supply the goods or services required and offers an equal opportunity to any organisation to submit a tender.
What is meant by open tendering?
Open tendering is the process aimed at acquiring goods or/and services at the lowest price. The belief is to stimulate competition and minimize discrimination. This is a transparent procurement process which allows fair play for competing contractors, suppliers, or vendors.
What is the difference between open tendering and selective tendering?
What is selective bidding in construction?
Selective bidding means selection of and inviting three more competent bidders to submit bids and awarding a contract after bids are publicly opened, to that responsible and responsive bidder whose bid contains the lowest price offered.
What is the disadvantages of open tendering?
The main disadvantage of open tendering is that it can be time-consuming and costly to prepare a bid. Open tendering also carries some risk for the buyer, as there is no guarantee that any of the suppliers will actually bid for the work.
Which is the most preferred method of tendering?
This method provides the most competition among suppliers and encourages new or emerging vendors to bid and obtain more work. Note that not all who bid are suitable for the contract, especially complex acquisitions, and it takes time to evaluate all the tenders to get the required standard.