What is the difference between a tender

and bid?
A bid is making a financial offer for something or the amount of money that you will pay for
something. A tender is offering a service at a specific price.

Answer by Mohd Ghufran

A bid is usually restricted to making a financial offer eg: at an auction you might make a bid of
a certain price for a painting. A tender means that you will offer a service/item at a certain
price. So it's a lot more complex than just dealing with a price.

What is the difference between tender and

bid documents?
they all mean the same thing.they are documents indicating specification of a customer.even in
the English language we have two or more words implying the same thing.

What is the difference between bidding

and negotiation?
Time is the factor here.

When you have more time, you do bidding and less time you do negotiating.

Eg - Assume you want a profitable supplier, so what you do is ask for quotations.

If you have enough time for the selection - You organize a tender and ask for quotations and
select your desired ones leisurely

But

If it is urgent (less time) - You quickly seek quotations from your new suppliers via phone calls,
email, faxes or any other available modes.

What is the difference between a contract

document and a tender document?
Answer by Mary Kate
A contract is an agreement between two parties for any means, typically involving some sort of
exchange. A tender document is a document that indications the specification of a customer.

What is tender document?

tender document is a document submitted by a contractor bidding for a construction
project.some components of the document include,Bill of Quantity,Company's Profile,Working
Drawing etc.
What is the difference between bid and
offer?
Simply speaking "bid" is what you "bid" for that means when you want to buy and the price you
get offered for that purchase; Offer means, when you want to offer i.e. offer to sell? the price
someone is willing to pay your offer. if it is the same person, he will pay you less but want more
from you. that is why, when you want to exchange currency from the same bank, the "offer" is
lower than the "bid" in relation to you! that means you can sell 1 USD for, say 1.20 SGD but if
you want to buy USD by giving SGD then you have to give 1,25 SGD yielding a profit of SGD
0.05 to the bank. Clear?

What is difference between bid security

and Bid Bond?
There is no difference. Bid securities can come in different types. A bid bond is just one type of
bid security.

What is difference between tender and

quotation?
tender is a own organisation format but quotation is a organisation format

What is the difference between Tender and Quotation?

Tender is the formal process of asking suppliers to bid on the products and
services required by a company.

Quotation is the response of the bidders where they quote their price for the
goods and services.

Quotation also refers to the estimate that people ask from professionals for jobs
that they require done.

Tenders are more formal than quotations.

They are almost the same thing but the difference between them is their legal
significance.

Quotation is just a price estimate

A quotation is simply a statement setting out the estimated cost for a particular work,
goods or service. The quotation maker isn't necessarily offering to provide them. It's
simply an indication of the expected cost. You can accept or reject it, or not even
respond at all.

We will send you a written quotation for the cost of repairing your machine.
Tender is a legal offer to supply or do something

A tender at the most general level is a formal offer to supply goods or services or
perform work for a stated fixed price. As you can see, the quotation is part of the
tender. In practice, you must accept or reject it, but you can't just walk away from it.

ABC Corporation has started inviting tenders for the work. Various
engineering firms have been submitting tenders for it. ABC will decide by
Friday which tenders it will reject and the remainder go on the shortlist for
the next round of decision.
The tender is part of an overall process called tendering (also known as public
procurement), which is a way that establishments governed by public law obtain their
goods, services and work requirements. The establishment issues a request for
tender (a structured invitation to vendors for the supply of goods or services). The
vendors then submit tenders, which contain their formal price quotation as a formal
offer to supply the goods or services.

Note the exception is "tender offer," which is a specialised term related to a proposed
buyout of a publicly listed company.