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CHAPTER 8
Tender:
A response to a tender notice issued by the buyer. See also Bid,
Offer, Public tender and Quotation.
Tender documents:
Tender documents constitute the set of documents issued by the
buyer which establish the object of procurement (the technical
specifications and/or the terms of reference), specify proposed
contract conditions and establish the procurement procedures to
be followed.
Tender evaluation:
Analysis of all tenders/offers received by the buyer to appraise
and assess the most advantageous and competitive tender/offer.
See also Analysis of tenders, Life cycle costing and Tabulation of
tenders/offers.
Tender opening:
In procurement through competitive tenders/offers the opening
and reading of tenders/offers, conducted at the time and place
specified in the tender documents, and in the presence of anyone
who wishes to attend.
Tenderer:
A legal entity approached by the buyer to submit a tender/offer for
a specific project. See also Bidder and Candidate.
Tendering:
Any formal and competitive procurement procedure through which
tenders/offers are requested, received and evaluated for the
procurement of goods, works or services, and as a consequence
of which an award is made to the tenderer whose tender/offer is
the most advantageous.
Terms of contract:
Stipulations, explicit or implicit, in a contract setting out the
obligations and the rights of the contractual parties, as well as other
conditions of contract.
Terms of payment:
Conditions for payment for goods or services received as agreed
between buyer and supplier, such as: Cash against Documents
(CAD), Cash on Delivery (COD), Letter of Credit, etc. See also
Payment.
Terms of reference:
Scope of work for a service contract, equivalent to the specification of
goods in a contract for the purchase of goods. See also Specification
and Technical specification.
Token bid:
A perfunctory tender/offer submitted by a tenderer with no serious
intent of being awarded the contract. Often submitted when the
tenderer wishes only to continue to be kept on the buyer’s eligibility
list, or as a part of a collusive deal with other tenderers.
Tolerance:
The permissible variation of the specified value or quantity according
to needs.
GLOSSARY