Simple English definitions for legal terms
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An offer for sale by tender is a type of auction where potential buyers submit sealed bids for a property or item. The seller sets a minimum price, and interested buyers submit their best offer in a sealed envelope. The seller then reviews the bids and chooses the highest one. This type of auction is often used for high-value items or properties where the seller wants to maintain privacy and control over the sale process. It is similar to a Dutch auction, where the price is gradually lowered until a buyer is found, but in a tender offer, the price is set by the seller and the buyers compete to offer the highest amount.
An offer for sale by tender is a type of auction where potential buyers submit sealed bids for a property or item. The seller then reviews the bids and chooses the highest one. This type of auction is also known as a Dutch auction.
These examples illustrate how an offer for sale by tender works. Interested buyers submit their bids in a sealed envelope, which ensures that the bids are confidential. The seller then reviews the bids and chooses the highest one, which is the winning bid.