The official business definition of a competitive bid process is a procurement process that requires potential vendors to submit bids for goods or services in order to be considered for a contract. This process is used to ensure that the best value is obtained for the goods or services that are being purchased. It is also used to ensure that the procurement process is fair and transparent. The competitive bid process involves the solicitation of bids from potential vendors, evaluation of the bids, and selection of the most advantageous bid. The evaluation process typically involves an analysis of the bids to determine which bid offers the best value for the goods or services being purchased. The selection of the most advantageous bid is based on a number of factors, including price, quality, and delivery time. The competitive bid process is an important part of the procurement process and is used to ensure that the best value is obtained for the goods or services being purchased.