Invitation for Competitive Clause Samples
The 'Invitation for Competitive' clause establishes the process by which an organization publicly invites multiple parties to submit bids or proposals for a project or contract. Typically, this clause outlines the requirements for participation, the method of submission, and the criteria for evaluating offers, ensuring that all interested parties have a fair opportunity to compete. Its core function is to promote transparency and fairness in procurement or contracting by encouraging competition, which can lead to better value and reduced risk of favoritism.
Invitation for Competitive. Bid Quotes. Promptly and in any event before the close of business on the same Business Day of receipt of a Competitive Bid Quote Request that is not rejected pursuant to Section 2.16(b), the Administrative Agent shall send to each of the Lenders by telecopy an Invitation for Competitive Bid Quotes substantially in the form of Exhibit C-2 hereto, which shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Quotes offering to make the Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this Section 2.16.
Invitation for Competitive. Bid Quotes. Promptly after receiving a Competitive Bid Quote Request, the Administrative Agent shall send to the Banks by telex or facsimile an Invitation for Competitive Bid Quotes substantially in the form of Exhibit C hereto, which shall constitute an invitation by the Borrower to each Bank to submit Competitive Bid Quotes offering to make the Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this Section.
Invitation for Competitive. Bid Quotes. Promptly and in any event before noon (Chicago time) on the same Business Day of receipt of a Competitive Bid Quote Request that is not rejected pursuant to Section 2.3.2, the Administrative Agent shall send to each of the Lenders by telex or telecopy an Invitation for Competitive Bid Quotes which shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Quotes offering to make the Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with Section 2.3.4.
Invitation for Competitive. Bid Quotes. Subsequent to timely receipt of a Competitive Bid Quote Request, the Agent shall send to the Banks by facsimile an Invitation for Competitive Bid Quotes as promptly as possible but not later than 3:00 p.m. (Boston time) on the first Business Day prior to the requested Drawdown Date, substantially in the form of Exhibit B-3 hereto (an "Invitation for Competitive Bid Quotes"), which shall constitute an invitation by the Company to each Bank to submit Competitive Bid Quotes offering to make Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this 2.5. If, after receipt by the Agent of a Competitive Bid Quote Request from the Company in accordance with subsection (b) of this 2.5.1, the Agent or any Bank shall be unable to complete any procedure of the auction process described in subsections (d) through (f) (inclusive) of this 2.5.1 due to the inability of such Person to transmit or receive communications through the means specified therein, such Person may rely on telephonic notice for the transmission or receipt of such communications. In any case where such Person shall rely on telephone transmission or receipt, any communication made by telephone shall, as soon as possible thereafter, be followed by written confirmation thereof.
Invitation for Competitive. Bid Quotes; Alternative
Invitation for Competitive. Bid Quotes. Promptly and ------------------------------------- in any event before the close of business on the same Business Day of receipt of a Competitive Bid Quote Request that is not rejected pursuant to Section 2.3.2, ------------- the Agent shall send to each of the Lenders by telex or telecopy an Invitation for Competitive Bid Quotes substantially in the form of Exhibit E hereto, which --------- shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Quotes offering to make the Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this Section 2.3. -----------
Invitation for Competitive. Bid Quotes. See §2.3.1(c) hereof. ISP With respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).
Invitation for Competitive. Bid Quotes; Alternative Manner of ------------------------------------------------------------ Auction. Subsequent to timely receipt of a Competitive Bid Quote Request, ------- the Agent shall send to the Banks by telex or facsimile an Invitation for Competitive Bid Quotes substantially in the form of Exhibit D attached --------- hereto (an "Invitation for Competitive Bid Quotes"), as promptly as possible but not later than 3:00 p.m. (Boston time) on the Business Day prior to the requested Drawdown Date which shall constitute an invitation by the Borrower to each Bank to submit Competitive Bid Quotes offering to make Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this (S)
Invitation for Competitive. Bid Quotes. Subsequent to ---------- --- ----------- --- ------ receipt of a Competitive Bid Quote Request, the Agent shall send to the Banks by telex or telecopier an Invitation for Competitive Bid Quotes substantially in the form of Exhibit D hereto (an "Invitation for Competitive Bid Quotes") not --------- later tha n (X) in the case of a LIBOR Rate Auction, 2:00 p.m. (Hartford Time) on the third LIBOR Business Day preceding the requested Drawdown Date and (Y) in the case of an Absolute Rate Auction, not later than 2:00 p.m. (Hartford time) on the first Business Day prior to the requested Drawdown Date, which shall constitute an invitation by the Borrower to each Bank to submit Competitive Bid Quotes offering to make Competitive Bid Advances to which such Competitive Bid Quote Request relates in accordance with this (S)3.
Invitation for Competitive. Bid Loan Offers. Promptly upon receipt of a Competitive Bid Loan Borrowing Request but in no event later than 2:30 p.m., New York City time, on the date of such receipt, the Administrative Agent shall send to the Lenders by facsimile an Invitation for Competitive Bid Loan Offers substantially in the form of Exhibit J attached hereto containing the information contained in the applicable Competitive Bid Loan Request and which shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Loan quotes in response thereto.