Time to revisit those acronymns we were discussing last week. This time we are talking about the quotes and tenders processes, which are typically used for goods, and on occassion, for standardized services. In using these processes (ITQ, ITT, RFQ) the buyer sets the specifications, knows 'exactly' what they want, and are looking for a competitive price.
ITQ - known as an Invitation to Quote, not all provinces/jurisdictions call it an 'invitation' some call it a Request for Quote (RFQ) which can be confusing in BC because RFQ is a Request for Qualifications! This is an informal process whereby the buyer is asking for goods or services that meet ALL the specifications noted in their document and need a price.
ITT - known as an Invitation to Tender - this is the formal process where envelopes (or bids) are opened publicly and called out. In this case everyone knows the lowest price at the time of bid opening.
Now that brings us to Bids vs Tenders vs Quotes - many buyers use these terms interchangeably. Is there really a difference? Stay tuned....
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