The tender notice should stipulate short description of the work, period of construction, date and time for submission of the tender, amount of earnest money to be deposited, manner of depositing the earnest money, estimated amount of the tender, source of receiving the tender documents and the name and address of the Electronic tender, or eTender, is the process of sending and receiving bid tenders using online procurement platforms.

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. The word tender can also refer to the acceptance of a formal offer, such as a takeover bid.

A tender document is a formal document that is used to solicit bids from potential contractors or suppliers. The purpose of a tender document is to provide potential bidders with all the information that they need in order to prepare a bid for the project.

e-tendering is a much more streamlined manner of tackling the procurement process. The e-tender is the best approach for all types of procurement, supplies, and services. Thus, it has become a popular choice among businesses compared to traditional tenders.

Bid refers to the process by which an entity expresses interest in a project by providing the required information. A company can bid for a new or repetitive business. Usually, a bid is prepared and submitted by the contractor or supplier in response to the tender invitation.

The E- TENDER quotation is a fixed price offer, which once accepted by the customer, cannot be modified or changed. On the other extreme, the tender is a response to the invitation to tender, which is used to find out the best value for money, from the prospective suppliers.

Tenders are usually conducted in four stages: Prequalification; the issue of tender documents; receipt and review of tenders; award of contract.