multi-step competitive bidding

Popular Terms
A phased procurement process in which un-priced technical proposals are offered from a variety of prospective bidders for a specific job or proposed contract. This is done before pricing is offered (although a "ballpark" price range or a price ceiling may be discussed). A request for pricing is distributed to competing vendors during a later phase. The process requires multiple steps because feedback and corrections to the technical bids can be made during the initial inquiry phase. Once a price has been placed on the bid, it may still be adjusted if new information changes the scope of work.

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