Biddingandtenderingisacompetitiveprocurementprocesswidelyusedinbothpublicandprivatesectorstoselectthemostsuitablesuppliersorcontractorsforprojects,goods,orservices.Theprocessinvolvestheissuanceoftenderdocuments(invitationtobid)bythebuyer,followedbythesubmissionofproposals(bids)bypotentialsuppliers.Keytermsinclude:-**Bid(orTender)**:Aformaloffersubmittedbyasupplierinresponsetoaninvitation.-**InvitationtoBid(ITB)/RequestforProposal(RFP)**:Documentsinvitingpotentialbidderstoparticipate.-**Bidder(orTenderer)**:Acompanyorindividualsubmittingabid.-**BidEvaluation**:Theprocessofassessingbidsbasedonpredefinedcriteria.-**AwardofContract**:Theselectionofthewinningbidder.Theprocessensuresfairness,transparency,andcost-effectivenessinprocurement.CommoninternationalstandardsincludetheUNCITRALModelLawonProcurementandWTO'sGovernmentProcurementAgreement(GPA).
