What does Invitation For Bid mean?
Definitions for Invitation For Bid
in·vi·ta·tion for bid
This dictionary definitions page includes all the possible meanings, example usage and translations of the word Invitation For Bid.
Wikipedia
Invitation For Bid
An invitation to tender (ITT, otherwise known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been previously assessed for suitability by means of a supplier questionnaire (SQ) or pre-qualification questionnaire (PQQ). The term "notice inviting tenders" (NIT) is often used in purchasing in India.An ITT differs from a request for quotation (RFQ) or a request for proposal (RFP), in which case other reasons (technology used, quality) might cause or allow choice of the second best offer. An RFP is a request for a price from a buyer but the buyer would also expect suggestions and ideas on how the project work should be done. RFPs are thus focused on more than just pricing/cost, they entail a bit of consulting from the contractor or vendor. The closest equivalent to an ITT in the mainstream private sector is an RFP which, since public money is not involved, typically has a less rigid structure.
Wikidata
Invitation for bid
An invitation for bid or invitation to bid is an invitation to contractors or equipment suppliers, through a bidding process, to submit a proposal on a specific project to be realized or product or service to be furnished. IFB is generally the same thing as Request for Quotation. The IFB or RFQ is focused on pricing, and not on ideas or concepts. If not stated otherwise, the contractor or supplier with the lowest bid is awarded the contract, provided that they meet the minimum criteria for the bid. This is in contrast to a request for proposal, in which case other reasons might cause or allow choice of the second best offer. An RFP is a request for a price from a buyer but the buyer would also expect suggestions and ideas on how the project work should be done. RFPs are thus focused on more than just pricing/cost, they entail a bit of consulting from the contractor or vendor.
Numerology
Chaldean Numerology
The numerical value of Invitation For Bid in Chaldean Numerology is: 5
Pythagorean Numerology
The numerical value of Invitation For Bid in Pythagorean Numerology is: 7
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"Invitation For Bid." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/Invitation+For+Bid>.
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