Dictionary of Procurement Terms

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Search Results: 1-2 of 2 results for “Formal Bid”
  • Formal Bid

    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.
  • Informal Bid/Proposal

    A competitive bid, price quotation, or proposal for supplies or services that is conveyed by a letter, fax, e-mail, 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.

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