Tender
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1.
A process in which a number of different potential suppliers put forward formal proposals, or bids, to provide specified services or goods to a customer.
Also known as a 'competitive tender', because of the competition between the potential suppliers.
For example, a bank tender in which different banks put forward proposals to provide banking services.
2.
To submit a proposal - as a potential supplier - in a tendering process.
3.
An offer of performance under a contract, most commonly an offer of the price of goods or services, made by a buyer to a seller.
4.
Abbreviation for legal tender.
