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Call for Tender

Definition:Call for Tender” is the process by which a company invites potential suppliers to submit offers for the execution of a contract.

Comments: In the Oil&Gas and Petrochemical industry this process is very formal as potential bidders must first go through a very demanding qualification process.

This qualification process normally assesses and validates the technical, commercial, financial and project management capabilities of the potentials suppliers.

Each Oil&Gas and Petrochemical project will be the occasion to perform this qualification process to select the suppliers to be invited to bid and therefore to receive the Call for Tender.

To be part of these selected suppliers is already a great achievement.

For the company issuing the Call for Tender the constraints is that it requests a significant upfront investment in time and money to qualify the vendors and write down all the requirements to be met by the bidders.
But the benefit is to save time during the bidding phases in clarifying the content of the offers submitted by the vendors.

A Call for Tender is also called Request for Quotation (RFQ) or Invitation to Bid (ITB)

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

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