The official business definition of Competitively Bid is the process of soliciting bids from multiple vendors in order to obtain the best possible price and terms for a product or service. This process is used by businesses to ensure that they are getting the best value for their money. Competitively bidding is an important part of the procurement process, as it helps businesses to make sure that they are getting the best possible deal. It also helps to ensure that the vendor is providing quality products and services at a fair price. The process of competitively bidding involves the business issuing a request for proposals (RFP) to multiple vendors, and then evaluating the bids based on factors such as price, quality, and delivery times. This process allows businesses to compare different vendors and make an informed decision about which one to choose.