Invitation to Tender

Tags

law

Are not an offer, its an [see page 17, invitation] for other parties to submit offers.

We know it's not an offer because we reserve the right to reject it, we don't have to say Yes.

For example an auction:

• Consider a bottle in a window shop with a price label. That price label isn't an offer because the shop owner retains the ability to reject a prospective customers offer to purchase it. For example if the bottle is wine and the customer is underage. The price label is an ITT, not an offer.
• Bids at an auction consist of an offer to purchase an item for a given price, but the manager can reject the offer. He doesn't have to accept a bid.

Warn: the auction itself can be considered an offer if there's minimum reserve price presented. In this case an item without a reserve price must be sold, even duplicitously low offers.

Note: if an invitation to tender is issued, any incoming offers must be considered, or else its a violation.