The Town of Oxbridge wants to build a new arts centre,but it is not sure which construction company it should hire for the job.Which type of action is the town most likely to make?

Question

Quizplus · Accepted Answer

A call for tenders is a common process used by organizations or governments to gather bids from potential suppliers or contractors for a specific project or service. This process allows the town to evaluate a range of options from different construction companies and select the one that offers the best value for money and meets their requirements. An auction is not appropriate for selecting a construction company, as it is typically used for selling goods or services to the highest bidder. An option is a financial instrument granting the holder the right, but not the obligation, to buy or sell an asset at a specific price on or before a specific date. An irrevocable bid is a rare type of bid in which an offeror specifies that it cannot be rescinded or withdrawn, typically used in hostile takeover attempts. A request for invitations to treat is also not appropriate in this scenario, as it is a preliminary step to initiate negotiations and does not involve a specific project or service being offered.

The Town of Oxbridge Wants to Build a New Arts