Competitive Bids Definition
When it comes to government contracting, the term “competitive bidding” refers to the process whereby contractors submit sealed bids in response to a solicitation from a government agency. The agency then evaluates the bids and selects the contractor that it deems to be the most qualified.
There are a number of benefits associated with competitive bidding. First, it ensures that the government gets the best value for its money. Second, it promotes fair and open competition, which helps to level the playing field for small businesses. Finally, it helps to ensure that contractors are held accountable for their work.
The competitive bidding process can be used for both small and large projects. For small projects, the government may solicit bids from a limited number of contractors. For larger projects, the government may issue a request for proposal (RFP) and allow any interested contractor to submit a bid.
The key to success in competitive bidding is to put together a well-written proposal that demonstrates your company’s qualifications and highlights your past successes.
