Dictionary of Procurement Terms

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  • Bid Bond

    An insurance agreement, accompanied by a monetary commitment, by which a third party (the surety) accepts liability and guarantees that the bidder will not withdraw the bid. The bidder will furnish bonds in the required amount and if the contract is awarded to the bonded bidder, the bidder will accept the contract as bid, or else the surety will pay a specific amount.

  • Bid Deposit

    A sum of money, a check, or other acceptable cash alternative, such as an irrevocable letter of credit or the contractor’s pledge against owned property or against personal assets deposited with the buyer by a bidder, as a guarantee that the bidder will enter into a contract if awarded. May also be in the form of a bond issued by a surety and deposited with a government agency guaranteeing the bidder will not withdraw the bid for a specified period of time, will furnish bonds as required, and will accept a contract if awarded, or forfeit the deposit.

  • Bid Documentation

    A file containing all of the information and records relating to the bid, which may include all of the original bids received, specifications, insurance requirements, addenda, bonds, correspondence, and all other relevant data that may be subject to audit and further review.

  • Bid Evaluation


    See Also: Bid Tabulation, Bid Analysis

  • Bid File

    A file containing the individual bids from all suppliers solicited by the Invitation for Bids (IFB).

  • Bid Guarantee


    See Also: Bid Bond, Bid Deposit

  • Bid Identification Number

    CANADIAN An alpha numeric code unique to the Bid Solicitation.

  • Bid Opening

    The official process in which sealed bids are opened, usually in the presence of one or more witnesses, at the time and place specified in the Invitation for Bids. The amount of each bid is recorded and bids are made available for public inspection. The bid opening may be open to the public.

  • Bid Preference

    Procurement laws mandating that bid prices for a preferred class of bidders be given special consideration when comparing their bid prices with those of other bidders not in the preferred class, i.e., “local” suppliers may be given a bid preference over suppliers that are not defined as “local.”

    See Also: Buy Local, Local Preference

  • Bid Protest

    A formal complaint made against the methods employed or decisions made by a procurement authority in the process leading to the award of a Contract. Also see Award Protest, Protest, and Dispute.

    See Also: Award Protest, Protest, Dispute

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