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tender definition - legal

n

  1. An unconditional offer of performance in order to satisfy a debt. It may be offered to save the party making the tender from a penalty for nonpayment or lack of performance. On the other hand, if the other party should refuse the tender without a justifiable reason, that party may be placed in default.
  2. Something offered in order to settle a debt or obligation.
  3. An offer put forward in hope of acceptance.
  4. Something that serves as a means of payment, such as banknotes or coin (as in, legal tender).
tender of delivery
The placement by a seller at the disposal of the buyer, that is, arranging delivery of those paid for goods in a timely manner.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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