Search results
Results From The WOW.Com Content Network
Depending upon the language in the bid proposal, a subcontracting construction company could make its bid final, and, if accepted, a legally enforceable contract is created. In these circumstances, upon determination by the general contractor that a bid is the lowest offer, it can accept the bid and, upon acceptance, a subcontractor cannot ...
The offer is made by the intending buyers in the form of bid. Such an offer (bid), when accepted by the fall of hammer or in some other customary way, will result in a (binding) contract. A contract is a legally binding voluntary agreement formed when one person makes an offer, and the other accepts it.
This ensures that the bidding process is fair to all parties involved. Typically, before RFQs (Requests for Quotation), such as RFPs (Requests for Proposal), ITBs (Invitations to Bid), or similar, are sent out to potential bidders. A Bidder Conference is organized as a key part of the bidding process by the owners of the project, who now become ...
Furthermore, because rescission is supposed to be imposed mutually upon both sides to a contract, the party seeking rescission normally must offer to give back all benefits he or she has received under the contract (an "offer of tender"). The US state of Virginia uses the term "cancellation" for equitable rescission. Furthermore, a minority of ...
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". [1] An offer is a statement of the terms on which the offeror is willing to be bound.
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 ...
Dummy bid (a/k/a "ghost bid") – a false bid, made by someone in collusion with the seller or auctioneer, designed to create a sense of increased interest in the item (and, thus, increased bids). Dynamic closing – a mechanism used to prevent auction sniping , by which the closing time is extended for a small period to allow other bidders to ...