Competitive Bidding consists of the following processes: advertisement, pre-bid conference, receipt of eligibility documents and bids, eligibility check, opening and examination of bids, evaluation of bids, post-qualification, and award of contract.
Bid Acknowledgement means the acknowledgement and acceptance of Bid Quotes by Company or (if applicable) a Permitted Borrower in the form attached as Exhibit "B" hereto.
An invitation to tender (ITT, also known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have ...
If your decision is to not move forward, reply back thanking them for the opportunity and kindly decline to bid. If you choose to respond to the bid, kindly reply to the agency and let them know you've accepted their invitation. And again, thank them for the opportunity to bid on their project.
Formal Solicitation: A formal invitation to receive quotes, in the form of a request for proposal or an invitation to bid.
An RFQ is often used for high-volume/low-value items and should be completed more quickly than an RFP (Request for Proposal). The buyer must provide a technical specification as well as his commercial requirements. The document may sometimes be called an Invitation to Bid or Invitation to Tender.