What does ITT stand for in business?
ITT stands for Invitation to Tender. It is issued by an entity looking to procure goods or services, inviting prospective suppliers to submit a proposal or bid for a specific project. An invitation to tender (ITT, also known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have .The itt is sent by a procuring party to prospective tenderers, inviting them to submit a bid in respect of its project. The ITT contains information relating to the proposed project, usually including the proposed conditions of contract, specifications, drawings and un-priced bills of quantities.
What is the history of ITT company?
History. The Behns formed ITT—it was called International Telephone and Telegraph until the early 1980s—in 1920 as a holding company for telephone companies they owned in Puerto Rico and Cuba. Its full and abbreviated names were modeled on American Telephone & Telegraph (AT&T), the US telephone giant. The original International Telephone & Telegraph was created in 1920 by two brothers named Sosthenes and Hernand Behn who set out to build the first worldwide system of interconnected telephone lines.Brothers Hernan Behn and Colonel Sosthenes Behn formed International Telephone & Telegraph (ITT) in 1920.