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Competitive Bid

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.01 sec.
Competitive Bid
A sealed bid, given to an issuer by an underwriter, containing a prospective price and terms for a contract. At the close date of bidding, the issuer picks the best offer. U.S. Government agencies are usually required to use this process and award the contract to the least expensive option. This is also used for various other ventures, from IPOs to project finance.


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The Round One competitive bidding process resulted in average savings of 26% compared to the prices Medicare would have paid for the competitive bid items under the existing DMEPOS fee schedule in 2008.
Therefore, the Florida statute restricting competitive bids for accounting services was unconstitutional.
 
 
 
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