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Tender definition

What does Tender mean? In capital markets practice, a tender is a method of issuing securities in which investors are invited to submit competitive bids at or above a stated minimum (reserve) price. The issuer or bookrunner ranks bids by price and allocates securities in descending order until the offer size is filled; pricing is set at the clearing level. Depending on the terms, either all successful investors pay a single uniform price, or each pays the price bid (pay‑as‑bid). Used for equity offerings (offer for sale by tender/issue by tender) and some debt auctions, it offers transparent price discovery as an alternative...

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Archived Invitation to Tender template—restricted procedure under PCR 2015 for procurements commenced before the Procurement Act 2023 (England, Wales and Northern Ireland)

Precedents
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This Precedent is archived and is no longer supported or updated.

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From 24 February 2025, the principal provisions of the Procurement Act 2023 (PA 2023) have come into force. Procurements initiated on or after that date must proceed under PA 2023; procurements started under the earlier frameworks—the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011—must continue to be run and administered in line with those regimes. Refer to Practice Note: Introduction to the Procurement Act 2023—PA 2023...

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Web page updated on 22/05/2026

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