tendering
noun [ U ]
uk/ˈtendərɪŋ/ us COMMERCE
the process of choosing the best or cheapest company to supply goods or do a job by asking several companies to make offers for supplying the goods or doing the work:
The whole process is done by competitive tendering.
The laundry contract was awarded to the company that had offered the lowest price in the tendering process.
See also
collusive tendering