But it also slimmed the payroll, sold several city-owned enterprises and put some services out to private tender.

ECONOMIST: Uruguay

The output specification is the document on which the private sector will base its tender but is also the basis for the technical specification in the final contract document.

BBC: How private bids work

There was a tender for a private cellphone licence.

ECONOMIST: Judgment day

Mr Andrews said the private sector partner would be chosen by tender and King Sturge had found that "a number of leading financial institutions" would be interested in becoming involved.

BBC: Major development loan fund plans

This is so because legal tender laws allow debtors to effectively abrogate private currency debt contracts at will by offering Federal Reserve notes in lieu of what was specified.

FORBES: Private Currency Competition Is The Monetary Answer

And there is scant prospect of a hostile tender offer to rescue the shareholders of a mismanaged private REIT.

FORBES: Magazine Article