Competitive Tender Process definition
Competitive Tender Process means a process by which Pension Scheme Trustees, or another person appointed by them to act on their behalf, have invited and used reasonable endeavours to obtain Bids for the provision of Fiduciary Management Services from three or more unrelated Fiduciary Management Providers and have evaluated the Bids received; and for these purposes ‘unrelated’ means independent of each other and thereby in a position to compete with each other;
Competitive Tender Process means a process by which the Group invites and evaluates bids for the provision of statutory audit services from two or more audit firms.
Competitive Tender Process means an open and competitive tender process that either:
(i) includes exclusively arm’s length bidders; or
(ii) where one or more bidders is non-arm’s length to the Proponents, includes bids from at least two (2) arm’s length third parties; and which results in the assessment and selection of bids on the basis of achieving best value as generally accepted in the industry including factors such as price, quality, service, safety, operational performance, total cost of ownership, and availability.
More Definitions of Competitive Tender Process
Competitive Tender Process means a process by which an existing Client acting independently of the incumbent Consultant invites bids from at least two Consultants for an Investment Services Contract and evaluates any bids received independently in good faith. Completion of a Competitive Tender Process shall be construed as having occurred either on the effective date of the Consultant Appointment or upon confirmation of the reappointment of the Consultant should the pre-existing Investment Services Contract remain in force following a Competitive Tender Process.