IFB (Invitation For Bid)

Invitation For Bid (IFB) is a type of procurement process used by businesses to help them select the right vendor for a particular project. In an IFB, businesses invite potential vendors to provide bids on proposed projects, detailing the terms, costs, and conditions under which they will accept the bid. The chosen bidder is given the opportunity to complete the project according to the requirements specified in the invitation for bid. This process helps businesses compare proposals and ensures that all bidders are adequately informed of the purchasing organization’s needs.