Last edited 15 Dec 2020

Tender settlement in construction procurement

The Code of Estimating Practice, seventh edition, published by the Chartered Institute of Building (CIOB) in 2009 suggests the term ‘tender settlement’ refers to:

‘…the conversion of a cost estimate into a tender taking the commercial interests of the contractor into account.’

Where ‘settlement’ is:

‘The action taken by management to convert an estimate into a tender. Also commonly known as ‘appraisal’ or ‘final review’.

The tender settlement meeting is part of the pre-contract planning process, held just before the contractor submits their tender to the client. See tender settlement meeting for more information.

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