competitive bidding
Rivals submitting offers
Competitive bidding is a process where multiple parties submit offers to win a contract, purchase, or project.
Governments and corporations use it to ensure fair pricing and prevent favoritism: The city requires competitive bidding for all contracts over fifty thousand dollars.
The process typically involves sealed bids opened simultaneously, with the contract awarded to the lowest qualified bidder.
- auctionCompetitive public sale
- Dutch auctionSale with declining prices
- tenderSoft or sore
- request for proposalSolicitation for competitive bids
- procurementObtaining goods externally
government contracts · bid · contract · rivalry · price · offer · proposal · sealed · lowest · winner · opponent · outbid · bid war · price war · award · winning bid · vendor · submission
- auctionsauction, bid, auctioneer, auction house, auction houses
- bridgecontract bridge, duplicate bridge, rubber bridge, bridge table, trump
- fair marketsfair dealing, fair play, fair pricing, level playing field, equal footing
- bridge bidsbid, pass, double, redouble, opening bid
- defense procurementdefense contracts, military procurement, military contracts, defense contracting, government contracts
- privatizationprivatization, denationalization, divestiture, asset sales, healthcare privatization
competitive biddingno-bid contract
Agreement bypassing competitive selection
exclusive contract · sweetheart deal · patronage · cronyism · insider dealing
competitive, bidding, compete, competition, competitor, competitors, competitively, competitiveness, competing