E-TENDERING SYSTEM
Tendering is a process to invite Bids for a Project, or to accept a formal Offer.
Tendering usually refers to the process whereby governments, financial institutions
and corporations issue a Tender and invite Bids for large projects that must be
submitted in accordance to the requirements specified and within a finite deadline.
Tendering is referred to the procurement process from the perspective of Purchasing
Organization or the Procuring Agency. Purchasing Organization may be a corporation
interested in procuring material or services for consumption or a department / division
of a corporation undertaking a project for which they have to procure material and
services. Procuring Agency may be the procurement department of the corporation
comprising both; Purchasing Organization and the Procuring Agency, or it may be
a Third Party Agency.
Bidding is referred to the procurement process from the perspective of Vendors /
Suppliers interested in supplying material or providing services to the Procuring
Organization. Bidding is referred to the procurement process from the perspective
of Vendors / Suppliers interested in supplying material or providing services to
the Procuring Organization.
Traditionally this process was conducted manually and it would be a very lengthy
and cumbersome process involving huge costs in terms of investment of human resources
and facilities required to undertake the procurement process in a systematic and
fair manner.
But with the advent of technology, this procurement process was improved and made
efficient by utilizing Electronic Tendering Systems. Electronic Tendering System
is an end-to-end Tendering System which can be used and operated through a Computer
System connected to the Internet. All the activities related to processing of Tenders
are executed online starting from Tender Preparation to Award of Tenders.
In an e-Tendering System, Bid Documents can be published and downloaded online;
Bid Responses can be prepared and signed online using Digital Signatures, payments
related to Bid Submission can be done online using Credit Cards, Debit Cards, Internet
Banking Accounts and Cash Cards and Tender Opening, Evaluation and Award can be
done online.