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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
The tender is treated as an offer to do the work for a certain amount of money (firm price), or a certain amount of profit (cost reimbursement or cost plus). The tender, which is submitted by the competing firms, is generally based on a bill of quantities , a bill of approximate quantities or other specifications which enable the tenders to ...
Marriage brokerage agreements: Agreements to procure marriages for rewards are void under the ground that marriage ought to proceed with free and voluntary decisions of parties. Agreements interfering marital duties : Any agreement which interfere with performance of marital duty is void being opposed to public policy.
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.
The use of the word "procure" in a joint venture agreement between Nearfield Ltd., Lincoln Nominees Ltd., and other partners, in relation to the utilisation of a bank loan, gave rise to a dispute between the parties regarding the meaning of the word "procure", which was resolved in 2006 by the judge, Peter Smith, confirming that the "normal ...
A request for proposal (RFP) is a form of reverse auction that solicits a business proposal by an organisation interested in the procurement of a service or product from potential suppliers. [1]
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [ 1 ] to transfer of goods , services , money , or promise to transfer any of those at a future date.
In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to tender their stock for sale at a specified price during a specified time, subject to the tendering of a minimum ...