LBTH council said the contract, estimated to be worth up to £2m, will run from January 2014 to the end of December 2016, with a possible one-year extension.
As part of the contract, the number of commercial event days will be limited to ten each year, allowing for six event days with an audience capacity between 15,000 and 40,000.
LBTH said four event days will be allocated as part of the contract to have an audience capacity between 5,000 - 15,000 for each year of the contract.
However, councilors of Tower Hamlets are concerned about the legality of the tender following a decision by councillors at a meeting on 17 April to limit the number of events in Victoria Park to six days per year.
The councillors also said steps should be taken to limit noise levels and capacity at the outdoor space.
Councillor Sirajul Islam, leader of the Labour group in Bethnal Green South, said: "We have made clear that the number of events in Victoria Park should be limited to six to reduce the disruption to residents yet maintain an important tourism and revenue boost for the borough.
"Since the Mayor came to power the number of events in Victoria Park has increased causing significant problems for local residents. A Labour administration would take a serious look at the number of events and those applying for this contract should be very aware of that as should the council when agreeing the terms of contracts."
LBTH council said the deadline for the tender is Friday 28 June at 12pm.
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