open bid

An open bid is a competitive process where multiple parties submit offers or proposals to purchase or secure a project, with the goal of obtaining the best terms or lowest price. Unlike private negotiations, open bids are publicly announced, allowing any qualified bidder to participate. This method promotes transparency and fairness, encouraging competition to achieve the most favorable outcome for the buyer or organization. It’s commonly used in government contracts, construction projects, and procurement processes to ensure a wide range of options and optimal value.