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tender


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N.

1 An offer to supply (or to purchase) goods or services. Normally a tender must be accepted to create a contract, except when the invitation to tender states unequivocally that the lowest (or highest) tender will be accepted. If the tender is to supply goods as required by the other party, it may be a standing offer and creates contracts as and when particular orders are placed. Whether or not the tenderer can withdraw from supplying future orders depends upon the terms of the tender, in particular whether the tenderer binds himself (for consideration) to execute all orders.

2 An offer of performance, acceptance of which requires the concurrence of the other party, e.g. the tender of the price of goods by a buyer to a seller.

Subjects: Law.


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