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Laws of Tenders and Auctions

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Laws of Tenders and Auctions
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LAW OF TENDERS AND AUCTIONS

PGPM 2010-12
TERM 1

TABLE OF CONTENTS

1. Auction and tender.……………………………………………………………………………………………………………….......3 2. Auction………………...……………………………………………………………………………………………………………….......3 2.1 Legal Aspect as per The Sale of Goods Act, 1930...............................................................3

2.1.1 Legal Rules Regarding Auction.............................................................................3

2.2 Legal Aspect as per The Indian Contract t, 1872................................................................4 2.3 Auction Terminologies…………………………………….................................................................6 3. Tender………………..………………………………………………………………………………………………………………….......6 3.1 Legal Aspect as per The Indian Contract t, 1872................................................................6

3.1.1 Acceptance and withdrawal of tenders...............................................................6
3.1.2 No Obligation to Accept Lowest Tender..............................................................7
3.2 Tenders Terminology……………….………….………..................................................................8 3. Judicial Pronouncements and Analysis………………………………...........................................................9 3.1 Auction…………..………………………………….............................................................................9

3.1 Tender.…………..…………………………………............................................................................13

7. References.....……………………………………………………………..................................................................17

1. AUCTION AND TENDER
Auction and Tender are two significant modalities by which business contracts are formed. As these are transparent form of doing business, the Government institutions almost always


References: 3.1. Legal Aspect as per The Sale of Goods Act, 1930 The Sale of Goods Act, 1930 (Sec 64), makes provisions on sale by auction The Indian Contract Act, 1872 makes certain provisions on tenders.
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