The official business definition of a competitive bidding process is a method of awarding contracts to the most qualified and cost-effective bidder. It is a fair and transparent process that allows all interested parties to submit bids and proposals for a particular project or service. This process is often used by governments, businesses, and other organizations to ensure that they get the best value for their money. The competitive bidding process involves the evaluation of bids and proposals based on criteria such as cost, quality, and timeliness. This process also helps to ensure that the contract is awarded to the most qualified and cost-effective bidder. It is important to note that the competitive bidding process is not the same as an auction, where the highest bidder wins the contract. Instead, the process is designed to ensure that the most qualified and cost-effective bidder is chosen.
