Bid

A formal submission by a bidder or tenderer in response to a call for tender.

Competitive bid

A market approach where multiple suppliers and contractors are invited to submit sealed bids to deliver goods or services.

Competitive tension

The concept that if two or more contractors are invited to bid for a tender, they are more likely to offer competitive prices or quality … Read more

Market approach

The way in which a work package is to be put out to the market. Market approaches include: Competitive bid, Sole-source, and Call-off.

Pre-award

The period from when Procurement receives a direction to issue a tender to the point at which the contract is signed by both parties.

Sole-source

A market approach where only one supplier or contractor is invited to submit a bid in response to a tender. Sole-source is discouraged as … Read more