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Competitive Bidding
The process of inviting and
obtaining bids from competing suppliers, by
which an award is made to the lowest
responsive bid from a responsible bidder
meeting written specifications. The process
provides potential bidders with a reasonable
opportunity to win a contract.
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Competitive Market
The existence of many
responsible suppliers that can provide the
goods and services needed by an entity with
no competitive advantage over other
suppliers.
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Competitive Negotiation
A procurement method
for obtaining goods, services, and construction
in which discussion and negotiation may be
conducted with responsible proposers who
submit responsive proposals. The process
concludes with the award of a contract to the
proposer who offers the best value. See also:
Competitive Sealed Proposals
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Competitive Range
The group of responsible
proposers chosen for additional discussions
and negotiations based on an evaluation of
their proposals, which are determined to be
responsive and have a reasonable chance of
being selected for an award.
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Competitive Re-engineering
A business
management strategy that rethinks and
restructures an organization's operations to
improve effectiveness, efficiency, or customer
service.
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Competitive Sealed Bidding
Method for
acquiring goods, services, and construction
for public use in which an award is made to
the lowest responsive bid and responsible
bidder, based solely on the response to the
criteria set forth in the Invitation for Bids (IFB);
does not include discussions or negotiations
with bidders. See also: Formal Bid.
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Competitive Sealed Proposals
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Completion Bond
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Completion Payment
Payment made upon
successful completion of work.
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Compliance Audit
An audit conducted to
determine the degree of adherence to
established laws, regulations, policies, and
procedures relative to accounting, financial,
and business processes.
