Competitive Bid


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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.
References in periodicals archive ?
The theater's advisory committee, the city's Recreation and Parks Commission and a majority of the council said the Nederlander improvements were needed quickly, but City Councilman Joel Wachs and others said the award was ill-advised without a competitive bid.
CBRE's platform of services for the State includes negotiations/lease renewals and new lease space, competitive bid projects, planning/design services, document preparation and other value added services.
The private land auction provides a great opportunity for developers and investors to acquire a variety of highly sought Las Vegas properties and for owners and buyers to benefit from the power and value that has become synonymous with the competitive bid process.
Although this system can facilitate the submission of electronic bids, it is not designed to handle the last-minute rush of large competitive bids that, in fact, make up the bulk of the dollar volume of auction bidding.
Therefore, the Florida statute restricting competitive bids for accounting services was unconstitutional.
This will, in all likelihood, increase the possibility of the seller receiving multiple competitive bids, and perhaps even lead to a "bidding" auction or sealed bids.
Michigan Revised School Code requires competitive bids on all material and labor
Unlike other areas where a piece of equipment or commodity supply is involved and competitive bids might be appropriate, clinical laboratory work is a complex medical service.

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