Tender is an.a.estimation of selling price.b.estimation of cost.c.estimation of units.d.estimation of profit.

What is a tender?Multiple choice question.It is an obligation in which a person acknowledges in court that he or she will perform some specified act or pay a price upon failure to do so.It is an offer by a contracting party to perform, along with being ready, willing, and able to perform, a duty outlined in a contract.It is an informal contract that does not require any formality.It is a binding document that a buyer obtains from his or her bank to guarantee that payment for goods will be made to the seller.

Q4. The following sub-questions are about tendering methods.(a) Open tender, selective tender, negotiated tender and serial tender are fourtypes of common tendering methods. What are the definitions of opentender, selective tender and negotiated tender, respectively?(12 marks)(b) Company A plans to introduce alterations and additions to an existing 6-storey primary school building. You (as a project manager from a contractor)are approached by Company A (the client) to give advice on the tenderingmethod for this project. The client expresses that they will have the contractprice fixed and the scope of project well-defined in the tender document.What are your suggestions?

Competitive tendering is often associated with the _______ model.Question 2Answera.Transactionalb.Collaborativec.Strategicd.Integrated

Whereas the law provides for specific considerations in the tendering process, the performance of contracts arising therefrom may have limited the reliance placed on ‘pacta sunt servanda’ in certain circumstances. In view of the statement, a) Explain the legal considerations to be observed by buyers in the tendering process.

Discuss the differences between selective tendering and open tendering.