tender

As a verb, tender announces the intention of delivering a notice or an actual commodity; i.e., XYZ Grain Growers, Inc., tenders six cars to North Pacific at the time of shipment for application on an open sales contract. As a noun, tender normally denotes a notice of an intent to buy. The tender usually spells out in detail quantities to be purchased, desired quality, time of shipment, country of origin, and all inspection, weighing, and payment terms. Overseas buyers usually issue tenders to ensure the maximum competition for a given piece of business. Also, the action of receiving offers, determining the best one, deciding whether, and how much, to buy, and announcing the awards of contracts. Ordinarily, a buyer reserves the right to reject any or all of the offers submitted.

Authorization Path: 2.5.7.2.27.0