Invitation To Tender
An Invitation to Tender (ITT) is a formal request issued by an organization seeking bids from contractors or suppliers for a specific project or service. It outlines the project's requirements, specifications, and evaluation criteria, allowing interested parties to submit their proposals. The ITT process ensures transparency and competitiveness in procurement.
Typically used in public sector projects, an ITT helps organizations obtain the best value for their investments. By inviting multiple bids, the issuing entity can compare costs, timelines, and qualifications, ultimately selecting the most suitable contractor or supplier for the job.