Invitation for bid
Invitation for bid is sealed bidding in which bids are publicly solicited, and a firm fixed price contract (lump sum or unit price) is awarded to the responsible bidder whose bid, conforming to all the material terms and conditions of the invitation for bids, is lowest in price.
- Complete and adequate specification or purchase description
- Two or more responsible bidders willing to compete
- Selection can be made on basis of price
- Procurement suitable for firm, fixed price
- No discussion with bidders needed after receipt of offers; except for clarifications and best and final offer