bid process

A bid process is a competitive procedure used by organizations or governments to select a supplier or contractor for a project or service. Interested parties submit proposals outlining their offers, including pricing and capabilities. The entity then reviews these bids based on criteria like cost, quality, and experience to choose the most suitable option. This process ensures transparency, fairness, and that the organization gets the best value for its investment. It’s commonly used for public projects, construction, procurement, and consulting services to ensure open competition and optimal decision-making.