A Sale by Tender (or “Tender Sale”) is a type of auction where an asset will be put up for sale with a deadline for bids. Interested parties have until that date to submit their best offer. The vendor is then presented with all received offers for their consideration.
Tender Sales may also be referred to as a “silent auction” – as offers are typically kept private. Bidders will not be aware of who else may be bidding or will have seen anyone else’s bidding activity.
With a Tender Sale assets may be marketed with, or without, a guide price.