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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