Competitive Bid Definition
A competitive bid is a formal offer to provide goods or services at a specified price and under specified conditions. The term ‘competitive bid’ can apply to many different types of bids, including but not limited to:
-Bids for government contracts
-Bids for private sector projects
-Bids for grants
-Bids for funding
In most cases, the entity requesting the bids will specify the criteria that will be used to evaluate the bids and award the contract. The criteria may include but are not limited to:
– Price
– Quality of goods or services offered
– Delivery timeframes
– Terms and conditions
– Experience of the bidder
