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Nature of tenders

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Nature of tenders

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • July 26, 2016 at 11:58 am #329207
    kizikyon
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Dear Mike,

    Please kindly explain what is meant by tender being a standing offer?

    July 26, 2016 at 12:48 pm #329212
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23323
    • ☆☆☆☆☆

    An entity may well ask a number of suppliers to submit a tender for a project that the entity wishes to be started and completed

    These tender invitations are sent out and those suppliers that are interested will spend time (and therefore also money) in preparing their tender which will normally detail the price that they would expect to receive for starting and completing the project

    The tender invitation is an invitation to the suppliers to make an offer

    The tender that is prepared by the suppliers is an offer and the successful tenderer is notified that they have won the contract at the price indicated

    Now, imagine that that project was for the supply and delivery of a quantity of, say, 20 tonnes of wheat over a period of, say, two years to be delivered in consignments of 4 tonnes at such times as our entity may require

    As each consignment is called for delivery, the terms of that request are as agreed within the tender document provided by the supplier and, in that respect, the tender is a standing offer available to be called off at such times as our entity may require the next instalment of wheat

    Is that better?

    July 27, 2016 at 6:16 pm #329889
    kizikyon
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Wow, Amazing explanation Mike. Thanks a lot.

    July 27, 2016 at 7:09 pm #329894
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23323
    • ☆☆☆☆☆

    You’re welcome

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