Invitation To Tender
In the maritime context, an Invitation To Tender (ITT) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in shipping, logistics, or maritime construction. It is often used in procurement processes to elicit bids for large projects that must be submitted within a finite deadline. The ITT outlines the specifications of the project, the terms and conditions of the contract, the criteria for selection, and the procedures for submission. It is a critical tool in ensuring transparency, fairness, and competitiveness in the procurement process. In the maritime industry, ITTs are commonly used for projects such as shipbuilding, port construction, maritime equipment procurement, and shipping services. The ITT process allows maritime companies to compare suppliers and contractors, ensuring they receive the best quality service at the most competitive price.
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