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Forbidden by law: If the object or the consideration of an agreement is for doing an act forbidden by law, such agreement are void. for example, "A" promises "B" to obtain an employment in public service and "B" promises to pay Rs one lakh to "A". The agreement is void as the procuring government job through unlawful means is prohibited.
The discussed advantage is an administrative costs reduction again as tender procedure do not have to be duplicated for agreed period of time. [22] On the other hand, the term "Winner's curse" is associated with framework agreement as there is a price uncertainty in time. [32] All of these three procurement strategies are not mutually exclusive.
A tender announcement from the Indonesian Ministry of Finance. An invitation to tender (ITT, also known as a call for bids [1] 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 been ...
Legal tender, a form of money with a specific legal status; Invitation to tender, a structured invitation to vendors for the supply of goods or services; Procurement, a process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process
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An agreement to agree does not constitute a contract, and an inability to agree on key issues, which may include such things as price or safety, may cause an entire contract to fail. However, a court will attempt to give effect to commercial contracts where possible, by construing a reasonable construction of the contract. [ 63 ]
In the UK legal tender specifically relates to the settlement of debts: a debtor cannot successfully be sued for non-payment if they pay the exact amount (change cannot be demanded) into court in legal tender. Legal tender is solely for the guaranteed settlement of debts, and does not imply a right to pay with cash in other contexts. [1]
In the former case the question is "what did the parties intend by the words used in the agreement which they made": in the latter, the questions are (i) "was there an proposal (or "offer") made by one party which was capable of being accepted by the other" and, if so, (ii) "was that proposal accepted by the party to whom it was made". [32]