A tender aims at selecting external service providers (e.g. asset managers) as objectively as possible. In a public tender, in contrast to a non-public tender, the service is advertised on a public platform (e.g. www.simap.ch), whereupon suitable providers can apply. Strict deadlines, procedures and formal requirements apply. It is primarily state organisations that have to put the services they need out to public tender. Pension funds in Switzerland are not obliged to do so. Public tenders are defined by the WTO procurement guidelines.