COMPETITIVE BIDDINGS Meaning and
Definition
-
Competitive bidding refers to a procurement method where individuals, organizations, or companies submit competing offers or proposals to secure a contract or business opportunity. It is a process typically employed by government agencies, corporations, or other entities seeking to obtain the best value for goods, services, or projects.
In a competitive bidding process, potential suppliers or contractors are invited to submit detailed proposals outlining their capabilities, technical approach, and pricing structure. These proposals are analyzed and evaluated based on predetermined criteria and the bidder that offers the most advantageous combination of quality, price, and qualifications is usually awarded the contract or opportunity.
The primary objective of competitive bidding is to ensure transparency, fairness, and competitiveness in the selection process. By inviting multiple bids and providing a level playing field for all participants, it aims to encourage innovation, efficiency, and cost-effective solutions. Competitive bidding also helps eliminate favoritism or nepotism by preventing sole-source procurement or perceived bias towards any particular supplier.
This process encourages the development of healthy competition among potential suppliers, driving them to enhance their offerings, optimize their pricing, and improve the overall quality of goods or services being contracted. Additionally, competitive bidding maximizes the potential benefits for the procuring entity by ensuring that the most qualified and cost-efficient provider is selected.
To conclude, competitive bidding is a method of procurement that fosters transparency, competition, and fair selection. It allows potential suppliers or contractors to submit competing offers, enabling the procuring entity to choose the most advantageous proposal based on predetermined evaluation criteria.
Common Misspellings for COMPETITIVE BIDDINGS
- xompetitive biddings
- vompetitive biddings
- fompetitive biddings
- dompetitive biddings
- cimpetitive biddings
- ckmpetitive biddings
- clmpetitive biddings
- cpmpetitive biddings
- c0mpetitive biddings
- c9mpetitive biddings
- conpetitive biddings
- cokpetitive biddings
- cojpetitive biddings
- comoetitive biddings
- comletitive biddings
- com-etitive biddings
- com0etitive biddings
- compwtitive biddings
- compstitive biddings
- compdtitive biddings
Etymology of COMPETITIVE BIDDINGS
The word "competitive" comes from the Latin word "competere", which means to strive together. In English, it has been used since the late 16th century to refer to a mode of rivalry. "Biddings" is the plural form of the word "bidding", which originates from the Old English word "biddan", meaning to ask or command. The combination of these two words, "competitive biddings", refers to a process in which individuals or organizations strive against each other by submitting competing offers or bids for a particular item, project, or contract.
Infographic
Add the infographic to your website:
