Proposes an industry standard specifying the obligations of principals and tenderers in the tendering process. It constitutes a statement of tendering ethics and procedures which underpin best practice tendering procedures. The Code applies to the selection of contractors and sub-contractors through the tendering process. The procedures cover obligations of the principal and tenderers at pre-tender and post-tender stage such as project definition, tender documents, selecting tenderers, calling for tenders, tendering methods, tender inquiries, amendments to tender documents, receipt of tenders, closing of tenders, evaluation of tender, negotiation and selection of tenders.