invitation to bid (ITB) definition

invitation to bid (ITB)

Oral or written invitation to prospective suppliers to submit a bid on materials or services. ITB is only a solicitation, and does not qualify as an offer because the party making it does not wish to enter into a binding agreement without further negotiations. Also called request for bids (RFB).

invitation to bid (ITB) is in the Agreements & Contracts and Purchasing & Procurement subjects.

invitation to bid (ITB) appears in the definitions of the following terms: request for proposals (RFP), procurement request, bidder, bid sample, no bid, informal bid, rejected bid, bid opening, bid requirements, source selection and

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