best value contracting

Best value contracting is a procurement approach that focuses on obtaining the most advantageous outcome for a project, rather than just the lowest price. This method evaluates offers based on various factors, such as quality, experience, technical capability, and cost. It aims to ensure that the selected contractor can deliver the best overall value, considering both immediate and long-term benefits. By emphasizing quality and performance, best value contracting seeks to promote efficiency and effectiveness in public and private projects, fostering innovative solutions and reducing the likelihood of issues that may arise from purely cost-driven decisions.