CONTRACT BID Meaning and
Definition
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A contract bid refers to a formal offer or proposal submitted by a company or individual in response to a request for proposals (RFP) or invitation to bid (ITB). It is a crucial step in the procurement process, allowing potential contractors to compete for a specific project or job. The purpose of a contract bid is to demonstrate an interested party's capability, qualifications, and willingness to undertake and successfully complete the project within the stated terms, conditions, and budget.
A contract bid typically includes detailed information about the bidder's technical expertise, experience, financial stability, and resources. It outlines the proposed cost estimation, timeline, deliverables, and other relevant aspects necessary for evaluating the bidder's suitability for the project. Bidders may also need to provide supporting documents such as corporate profiles, references, and applicable licenses or certifications.
The evaluation of contract bids involves a thorough assessment of each proposal against the predetermined criteria set by the project owner or procurement entity. Factors such as price competitiveness, technical proficiency, quality assurance measures, and compliance with the specified requirements are typically considered. The contract bid selection process culminates with the awarding of the contract to the most qualified bidder, following contract negotiations and finalization.
Overall, a contract bid is an instrumental tool that facilitates fair competition, transparency, and accountability in the procurement of goods, services, or construction projects. It enables project owners or buyers to make informed decisions based on the merits and capabilities of potential contractors, promoting efficiency and ensuring value for money.
Common Misspellings for CONTRACT BID
- xontract bid
- vontract bid
- fontract bid
- dontract bid
- cintract bid
- ckntract bid
- clntract bid
- cpntract bid
- c0ntract bid
- c9ntract bid
- cobtract bid
- comtract bid
- cojtract bid
- cohtract bid
- conrract bid
- confract bid
- congract bid
- conyract bid
- con6ract bid
- con5ract bid
Etymology of CONTRACT BID
The word "contract bid" has its etymology rooted in the origins of the individual words that make up the phrase.
1. Contract: The term "contract" comes from the Latin word "contractus", which means "drawn together" or "concluded". It initially referred to an agreement between two or more parties that binds them legally. The word evolved in Middle English, retaining its basic meaning of a legally binding agreement or an arrangement between parties.
2. Bid: The word "bid" has its roots in the Old English word "biddan", meaning "to ask" or "to offer". Over time, it came to denote making an offer or proposal, particularly in the context of auctions or competitive processes. The term "bid" is often used when parties submit their proposals or offers for projects or contracts.
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