A formal complaint made against the
methods employed or decisions made by a
procurement authority during the process of
awarding a contract. See also: Award Protest,
An arrangement among potential
competitors to manipulate the competitive
bidding process by, for example, agreeing not
to bid, bid a specific price, rotate bidding, or
give kickbacks to purchasers.
An item showing the characteristics
of the offered product by a bidder and used by
the entity to verify compliance with the
specifications set forth in the Invitation for
A bond or deposit that guarantees
that the bidder, if awarded the contract, will
honor their bid as submitted.
A summary document of all
bidders with their total extended prices that
the entity has calculated and verified to
ensure accuracy. This may also include unit
prices for each item; total prices; delivery
terms and conditions; determination of
whether each bidder has met the
requirements for licenses; bonds; evidence of
insurance, or other information deemed
appropriate by the procurement professional.
See also: Bid Analysis, Bid Evaluation.
A supplier who submits a bid in response
to an Invitation for Bids (IFB), Invitation to
Tender (ITT), or other formal solicitation type
in which price is the primary factor in the
evaluation process for award determination.
See also: Offeror, Proposer, Responder.
A list of names and addresses of
suppliers from whom bids, proposals, or
quotations can be solicited. The list is
generally retained in a retrievable database.
See also: Source List.
Bilateral Modification (of a Contract)
that requires the written approval of both
parties to a contract in signatory form.
Bilateral modification is often related to some
alteration of one or more substantive terms of
the contract. See also: Unilateral Modification
(of a Contract).
A market with only one buyer
and one seller. (Schiller 2000)