competitive bids
Vying price proposals
Competitive bids are offers submitted by multiple parties vying for the same contract, project, or asset.
The process ensures fair pricing and transparency—governments often require competitive bids for public contracts, and companies solicit them for major purchases: We received competitive bids from three construction firms.
The lowest or best-value bid typically wins.
- auctionCompetitive public sale
- tenderSoft or sore
- proposalFormal plan for consideration
- price warCompeting via discounts
- contractEnforceable written agreement
procurement · lowest price · sealed envelope · rivals · underbid · outbid · winning · losing · winner take all · deadline · government contracts · submission · estimate · quote · RFP · request for proposal · vendor · supplier
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