invitation for bid (IFB)
Definition
A part of the sealed bid process. Companies or government organizations give in-depth specifications for projects and invite contractors to bid their proposals for various projects. The sealed bids are opened at the predetermined time and recorded. A contract is awarded to the best bid. Also called request for quote.
Related Articles
- Introduction to IRAs and Distribution Options *
- The Impact of International Economics *
- Finding the Right Financial Advisor For You *
- Introduction to Trading and Types of Orders *
- Explanation of the Balance Sheet *
- The Economy: From Boom to Recession *
- Rearranging a Portfolio with ETFs *
- Introduction to Stocks *
Related Videos
http://www.businessdictionary.com/definition/invitation-for-bid-IFB.html
