Following the tender deadline
The agent will provide all tenders to the seller who can weigh up offers and conditions and decide which, if any, they want to accept. The seller can reject all tenders.
Once a tender is accepted
The buyer is now in contract with the seller and can work through any conditions towards settlement.
If a tender is rejected
The prospective buyer (the tenderer) is under no legal obligation and free to pursue other purchase options.
The seller can seek, through the agent, to negotiate with any unsuccessful tenderer with the aim of reaching agreement on a sale/purchase. It is up to the tenderer if they wish to do this.