competitive bidding
Definition
Transparent' procurement method in which bids from competing contractors, suppliers, or vendors are invited by openly advertising the scope, specifications, and terms and conditions of the proposed contract as well as the criteria by which the bids will be evaluated. Competitive bidding aims at obtaining goods and services at the lowest prices by stimulating competition, and by preventing favoritism. In (1) open competitive bidding (also called open bidding), the sealed bids are opened in full view of all who may wish to witness the bid opening; in (2) closed competitive bidding (also called closed bidding), the sealed bids are opened in presence only of authorized personnel. See also competitive negotiation.
competitive bidding is in the Agreements & Contracts and Purchasing & Procurement subjects.
competitive bidding appears in the definitions of the following terms:
open competitive bidding,
restrictive specification,
competitive quotations,
single sourcing,
back door selling,
method of procurement (MOP),
negotiated contract,
sole source acquisition,
bid threshold,
closed competitive bidding
and
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