Procurement Glossary
Deciphering the complex language of government tenders.
EMD (Earnest Money Deposit)
A refundable deposit paid by bidders to show they are serious about the tender. Usually 1-2% of the tender value.
BoQ (Bill of Quantities)
A document detailing the list of items, materials, and work quantities required for a project, used for financial estimation.
L1 Bidder
The bidder who quotes the lowest price in a financial bid. In government tenders, L1 usually wins the contract.
DSC (Digital Signature Certificate)
An electronic key required to sign documents online. Mandatory for e-tendering in India (Class 3 DSC).
NIT (Notice Inviting Tender)
A public advertisement inviting bids for a project, containing key details like deadline, eligibility, and budget.
JV (Joint Venture)
A partnership where two or more businesses join forces to bid for a tender they might not qualify for individually.