What is an invitation to tender (ITT)?

An invitation to tender (ITT) is the first part of the formal, structured tender process used by buyers, such as businesses and public sector organisations, to identify suppliers best suited to delivering their projects or supplying goods and services. It allows buying organisations to make informed decisions about who they want to work with, negotiate better agreement terms, and ensure that the right people are in place to deliver their requirements. It also allows suppliers to make informed decisions about whether the contract is right for them.

The process

ITTs describe the detailed scope of the project and the tender process, including its timeline, budget, and other requirements. The RFP also includes instructions on how interested parties should submit their bid documents and any additional relevant information to help them better understand the project. Potential suppliers then have a certain amount of time to complete their bid documents and submit them back to the company. 

Once all the bids have been received, buyers evaluate each submission using criteria such as cost-effectiveness, quality of service, delivery time, etc. Suppliers are then chosen based on their ability to meet the scope and price requirements. This process ensures that each supplier is given a fair chance to bid for the project, goods or services required.

What’s the point?

If done correctly, ITTs are a fairer way for buyers to engage with suppliers, ensuring transparency while giving suppliers fair representation during the selection process. It also allows buyers to get competitive rates from multiple suppliers without going through numerous negotiations with each one. 

The tender process is an established route for buyers to secure the best project resources. By understanding how the process works, suppliers can take advantage of the many opportunities the tendering process offers, and buyers can create long-term relationships with reliable partners.

It’s a business process that can help save time and effort while engaging high-quality services. And it helps build trust between parties as they all know what is expected of them before entering the contract. 

Want to know more?

Get in touch if you’d like to know more about pursuing ITTs or fancy trying our new tender portal, Tender Boost, which can help you target the ITTs most relevant to your business.