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Bid - a tender, proposal or quotation submitted in response to a solicitation
from a contracting authority
Bidders' Conference - a meeting to discuss with potential bidders, technical,
operational and performance specifications, and/or the full extend of
financial, security and other contractual obligations related to a bid
solicitation
Closing Date - the deadline for all bid submissions
Competitive Bidding - offers submitted by individuals or firms competing for a
contract, privilege or right to supply specified services or merchandise
Contract - obligation between competent parties up a legal consideration, to do
or abstain from doing some act
Contract Amendment - an agreed addition to, deletion from, correction or
modification of a contract
Contractor - one who contracts to perform work or furnish materials in
accordance with a contract.
Estimated Value - indicates the approximate value of the contract
Procurement - the process of obtaining material and services which includes the
determination of requirements and acquisition from a supply system or by
purchase from the trade
Proposal - an offer, submitted in response to a request from a contracting
authority, that constitutes a solution to the problem, requirement or objective
in the request
Invitation for Bid (IFB, IFBs) – an IFB is also referred to as a “sealed bid”.
It is usually for requirements over $100,000, it is competitive and the lowest
bid will win
Request for Proposal (RFP, RFPs) or Request for Tender (RFTs, RFT) - an RFP,
while generally used for requirements of $25,000 or more, is often employed for
requirements where the selection of a supplier cannot be made solely on the
basis of the lowest price. An RFP is used to procure the most cost-effective
solution based upon evaluation criteria identified in the RFP
Request for Quotation (RFQ, RFQs) - an RFQ is normally sent out when a
requisition is received for goods and services valued at less than $25,000. The
bid documents are kept simple so that the contract can be awarded quickly
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