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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 ...
Likewise, inviting persons to an auction, where goods to be auctioned are displayed, is not an offer for the sale of goods. 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 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 ...
Offer and acceptance are generally recognized as essential ... Offers may be presented in a letter, newspaper advertisement, fax, email verbally or even conduct, as ...
A letter was posted back on the Monday evening, accepting the resignation. On the Tuesday morning, Cantu hand-delivered a letter withdrawing her resignation, but the superintendent of schools advised her that her resignation had already been accepted, by virtue of an acceptance letter being posted to the McAllen address. Cantu argued that ...
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 .
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The main concern for commercial orders is that there must be agreement (offer and acceptance) for the order to be a contract. Prior to this, businesses often record the details of negotiations by using a request for quotation, request for bid, sales quotation, or sales bid. Quotations are non-binding and part of the negotiation process.