Prequalification
Screening of potential contractors, suppliers, or
vendors (on the basis of factors such as experience,
financial ability, managerial ability, reputation,
work history, etc.) to develop a list of qualified
bidders who will receive the invitation-to-bid (ITB)
documents.
Prequalification laws are set at the state level and,
therefore, very between the states. In North
Carolina, prequalification is prohibited when
selecting architects, engineers, surveyors,
construction
managers,
design
builders,
preliminary designers for design-build bridging
projects, and private developers for private-public
partnership contracts. There is no set minimum
contract cost for prequalification. Local
government is legally obligated to being uniform,
consistent and transparent in the application of
contractor pre-qualification to all bidders.
Examples
Tender Notices
A tender offer is a
public solicitation
to all shareholders
requesting
that
they tender their
stock for sale at a
specific
price
during a certain
time. To entice shareholders to release a specific
number of shares, the offer typically exceeds the
current market value of the shares
It is a notice of being open for some kind of
bidding of a job, be it state, county or city or
company looking for get a wide offering of bids.
To tender is to invite bids for a project or accept a
formal offer such as a takeover bid. Tender usually
refers to the process whereby governments and
financial institutions invite bids for large projects
that must be submitted within a finite deadline.
The term also refers to the process whereby
shareholders submit their shares or securities in
response to a takeover offer.
Examples