Tender
The term tender refers to an invitation to bid for a project. Tendering usually refers to the process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline. Tender can also refer to accepting a formal offer, such as a takeover bid. This tendering is the process whereby shareholders submit their shares or securities in response to a takeover offer [Investopedia].
A tender is an official proposal that a company submits to us as a response to one of our calls for tenders, which we use to award specific procurement contracts.
A procurement contract is awarded based on a tender submitted by a candidate to the contracting authority (usually in the frame of a call for tenders). The contracting authority draws up the terms of reference for the services, supplies, or works covered by the contract. It bears all the costs of the contract and owns its results. The activities foreseen under the procurement contract may generate profit for the contractor [European Commission website].
Tender in Finance Definition: How It Works, With Example. Investopedia. Retrieved from: https://www.investopedia.com/terms/t/tender.asp
Tenders. European Commission website. Retrieved from: https://international-partnerships.ec.europa.eu/funding/looking-funding/tenders_en