The first thing you need to do is find Tenders that fit your business. Tenders and RFQ’s are advertised in various places, ranging from newspapers to websites.
Make sure you provide all necessary information as set out in the tender application. These include updated tax clearance certificate and shareholding certificates, amongst other requirements.
Landing a tender and the tender process can be a time-consuming and costly exercise, especially if you don’t understand the tender process, or you don’t adhere to the necessary requirements.
A bid in the tender process is issued by a private company or government department when they need to obtain specific goods or skills. The advertised bid is a Request for Quotations (RFQ) in the tender process.
The term ‘Letter of Intent’ (LOI) is typically used to describe a letter from an Employer to a Contractor (or from a main Contractor to a Subcontractor) indicating the Employer’s intention to enter into a formal written contract for Works described in the letter, and asking the Contractor to begin those works before the formal Contract is executed. While an Letter of Intent may come in many forms, it’s essentially a communication expressing an intention to enter into a Contract at a future date.
Construction bidding is the process of submitting a proposal/tender to build or manage a construction project. Public tenders, or those with a government department, follow different rules than private tenders. They must be advertised in advance, and they allow any qualified contractors to bid if they choose to. Private owners may opt to limit the construction bidding process to contractors they have chosen as bidders.
Are you tired of not winning tenders? Here are some practical tendering tips to help you win a tender and comply with construction industry standards.