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TENDERS AND CONTRACT
TENDER DOCUMENTA written invitation sent to potential suppliers of a good or service to inform them about the information required for the buyer to choose among them.CONTRACTAn agreement between private parties creating mutual obligations enforceable bylaw. The basic elements required for the agreement to be legallyenforceablecontract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
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TENDERS AND CONTRACT
TheTenderprocess inIndiaare governed byIndianContract Act, Code of Civil Procedure Code,IndianArbitration Act, Works Contract Act etc, when the contract specifiesIndian Law as the relevantlawthen the above said legislations will apply even if it is an International Arbitration with parties from different jurisdiction.Earnest Money Deposit, Bank Guarantee, Retention Moneyare instruments of The Contract, that are mentioned and prescribed in The Tender.
The Tenderforms an integral part of The Contract.
A contract is an agreement enforceable by law which offers personal rights, and imposes personal obligations, which the law protects and enforces against the parties to the agreement. The general law of contract is based on the conception, which the parties have, by an agreement, created legal rights and obligations, which are purely personal in their nature and are only enforceable by action against the party in default.Section 2(h) of the Indian Contract Act, 1872[2] defines a contract as "An agreement enforceable by law". The word 'agreement' has been defined in Section 2(e) of the Act as ‘every promise and every set of promises, forming consideration for each other’
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TENDERS AND CONTRACT
LEGAL GLIMPSE