competitive bid
Vying price proposal
A competitive bid is an offer submitted in competition with others, typically for a contract or project.
Government agencies and corporations often require competitive bidding to ensure fair pricing and prevent favoritism: The city put the construction project out for competitive bid.
In securities, it's an offer to purchase at a specified price in an auction.
The process aims to get the best value while giving multiple parties a fair chance.
- auctionCompetitive public sale
- tenderSoft or sore
- sealed envelopeSecured folded paper pouch
- proposalFormal plan for consideration
- request for proposalSolicitation for competitive bids
bidding · contract · procurement · lowball · price war · sealed · offer · underbid · rival · head to head · quotation · estimate · submission · level playing field · award · vendor · supplier · price
- Bidsopening bid, low bid, winning bid, final bid, sealed bid
- biddingbid, bidding, auction, opening bid, winning bid
- procurementprocurement, purchasing, purchase order, bidding, subcontract
- tender termsbid, sealed bid
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