Dictionary of Procurement Terms

A bid that must be submitted in a sealed envelope and in conformance with a prescribed format to be opened in public at a specified date and time. See also: Invitation for Bids.

A competitive bid, price quotation, or proposal for supplies or services that is conveyed via letter, fax, email, or other manner that does not require a formal sealed bid or proposal, public opening, or other formalities. Generally relegated to requirements that may be considered low value or fall under a stipulated price/cost threshold.