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TenderSystem is an Internet based procurement system to source, award and manage the total procurement process. This tried and tested technology leverages the age-old principle of supply and demand, through reverse auction, ensuring that products are purchased at the best possible price, at a lower administration and management cost, than any other method. In a reverse auction a buyer issues a request for quotations (RFQ) to purchase a particular item. Multiple suppliers quote the price at which they are willing to supply the requested item or service. The transaction is awarded to the supplier that provided the lowest price. The advantage of reverse auctions compared to a normal catalogue based systems is that supply and demand is leveraged as all suppliers are requested to tender, multitude of items can be sourced and suppliers do not have to keep updating catalogue prices. A catalogue is however generated dynamically (valid items) when quotes are submitted or items uploaded and can be automatically included in tenders for as long as they remain valid. TenderSystem is released under a dual license, namely TenderSystem Public License (TPL) for TenderSystem OS and a commercial license for TenderSystem PRO that includes additional modules and system support.
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