A request for tender (RFT) is a formal process in which an organization, government agency, or company solicits bids from qualified contractors, suppliers, or service providers for a specific project or contract. The RFT is a critical step in the procurement process, designed to ensure transparency, fairness, and competitiveness in selecting the most suitable candidate to fulfill the proposed requirements.
The RFT typically includes detailed information about the project or contract, such as scope of work, technical specifications, deliverables, timelines, and evaluation criteria. It outlines the terms and conditions that prospective bidders must adhere to when preparing and submitting their proposals.
The purpose of the RFT is to elicit written bids that showcase the bidder's capabilities, experience, and capacity to meet the organization's needs. It provides an opportunity for potential suppliers to understand the project requirements, ask questions about the specifications, and address any concerns. Bidders are expected to provide a comprehensive proposal that highlights their qualifications, methodology, price estimates, and any additional relevant information.
Once the RFT deadline is reached, the organization evaluates the received tenders based on predetermined criteria and selection methods. The chosen vendor or supplier is typically awarded the contract based on their proposal's quality, value for money, and overall fit with the organization's requirements.
The request for tender process promotes competition, fairness, and accountability in procurement, while allowing organizations to secure the most suitable supplier for their specific project or contract.
