What is a standing offer?
A standing offer is not a contract. A standing offer is an offer from a potential supplier to provide goods and/or services at pre-arranged prices, under set terms and conditions, when and if required. It is not a contract until the government issues a “call-up” against the standing offer.
What is standing offer in Indian contract Act?
An Offer which remains open for acceptance over a period of time is called a standing offer. Tenders that are invited for supply of goods is a kind of Standing Offer.
What is a standing offer in procurement?
A standing offer contains agreed prices and the terms and conditions under which the products and services are to be delivered. A contract is formed, under a standing offer, when the public authority submits an order to the contractor.
What is the difference between general offer and standing offer?
1. General offer is made to the public in general or society or community as a whole. Specific offer is made to one person or group of persons.
What is a standing offer example?
A certain example of Standing offer would be when X requires a large quantity of certain goods during the 24 months period and gives an advertisement inviting offer in the leading newspaper Z submitted the offer to supply those goods at a specific rate. Now, Z’s offer becomes a standing offer.
What is a standing agreement?
Standing Offer Agreements or SOA’s are not contracts. They are pricing agreements that the government makes with suppliers or contractors covering anticipated requirements over a defined period of time. A new individual contract is made each time a new purchase is ordered or released under a Standing Offer Agreement.
What are the legal rules of offer?
The element of a valid offer
- There must be two parties.
- Every proposal must be communicated.
- It must create Legal Relations.
- It must be Certain and definite.
- It may be specific or general.
- Express Offer.
- Implied Offer.
- General Offer.
What is offer and kinds of offer?
Types of offer in contract may vary depending on a number of factors. An offer refers to an invitation to enter into a contractual agreement. When the offeree accepts the offer, a legally binding contract is formed. An offer can be made by one or both parties of a contract or met with a counteroffer.
What is general offer in business law?
A general offer is one that is made to the public at large. It is not made any specified parties. So any member of the public can accept the offer and be entitled to the rewards/consideration.
What is offer explain various types of offer?
What is difference between offer and invitation of offer?
While an offer directly allows the other party to enter into a contract (that is, a legally binding agreement) as soon as it is accepted, an invitation to treat mainly invites the other party to make negotiations and himself make an offer to the seller.