Tender

September 6, 2013

A tender is a formal exercise of obtaining sealed bids for goods or services where the value is unknown, and where the specification can be non standard or...

Tender Document

September 6, 2013

The document outlining what is being procured, by when and in what quantities. It is typically sent to prospective suppliers at the start of the procurement process.

Winner’s curse

September 6, 2013

This occurs when the winner of an auction bids too aggressively and the winning price is uneconomic. It is synonymous in e-auctions where there is transparency an emotional...