competitive bidding


A process by which a contracting firm selects from among competing vendors or contractors who have submitted bids at the request of the firm. Bids are usually sealed and selection occurs through either an open bidding process, in which they are revealed in view of the bidders, or a closed bidding process, in which they are opened in a closed session. The process is designed to increase the competitiveness of pricing and minimize the preferential treatment.

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