the act of putting forward an estimate of cost
ExampleTo be successful, you must follow the tendering procedure as laid out in the documents.
(NoteThe US term is bidding.)

Use tendering in a sentence

You should try to make sure that you are accurately tendering so that you are able to come up with the best plan.

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The property manager received tendering from several sources, after a bid was put out to pave the parking lot of the software company.

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A good business plan accounts for unexpected costs and as long as the tendering procedure is followed most unintended costs can be absorbed without too much damage to the company.

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fixed-price offer for sale delivery point