Competitive Bid - Definition
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is a Competitive Bid?
Competitive bids refer to prices that a vendor, supplier, or service provider quotes to a firm for its goods or services.
When a firm needs a large volume of goods or is seeking professional services, it may send out an offer or an appeal in the form of a request for proposal (RFP). Requests for proposal are commonly used in construction projects, technology projects, infrastructural programs and projects, pension fund management, and other business related activities. As part of the RFP, the applicant company will provide its best price at which it can provide or procure what is outlined in the RFP.