The response submitted by a bidder to an
Invitation for Bids (IFB). See also: Solicitation.
1. A comprehensive review of all bid prices to
determine the degree of competition from the
lowest to highest bids, including
reasonableness of the low bid in comparison
with the entity's estimate.
2. The presence of mathematical or substantive
3. The presence of evidence regarding bid rigging.
See also: Bid Tabulation.
An insurance agreement accompanied
by a monetary commitment by which a third
party (the surety) accepts liability and
guarantees that the bidder will not withdraw
A sum of money, a check, or other
acceptable cash alternative (such as an
irrevocable letter of credit or the contractor’s
pledge against owned property or against
personal assets deposited with the entity by a
bidder) used as a guarantee that the bidder
will enter into a contract if awarded. The bid
deposit may also be in the form of a bond
issued by a surety and deposited with an
entity to guarantee the bidder will not
withdraw the bid for a specified time period,
will furnish bonds as required, and will accept
a contract if awarded, or forfeit the deposit.
A file containing all of the
information and records relating to the bid,
which may include all of the original bids
received, addenda, bonds, correspondence, a
copy of the solicitation, award documents,
and all other relevant data that may be
subject to audit and further review.
See Bid Tabulation, Bid Analysis.
A file containing all responses received
to a solicitation as well as other related
documents (e.g., late submission and protest
documentation, tabulation, no response or no
bid submissions, and contract award
documentation.) Also known as a Solicitation
See Bid Bond, Bid Deposit.
The official process in which sealed
bids are publicly opened and recorded,
perhaps in the presence of one or more
witnesses, at the time, place, and manner (in
person or virtual) specified in the Invitation for
Procurement laws mandating
that bid prices for a preferred class of bidders
be given special consideration when
comparing their bid prices with those of other
bidders not in the preferred class (for
example, local suppliers may be given a bid
preference over suppliers that are not defined
as “local.”) See also: Buy Local, Local