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Bidding is used to determine the cost or value of something. Bidding can be performed by a person under influence of a product or service based on the context of the situation. In the context of auctions, financial transactions on international markets, or real estate, the price offer a business or individual is willing to pay is called
A "responsive bidder" is one who submits a "responsive bid", one which, if accepted by the government as submitted, will obligate the contractor to perform the exact thing being called for in the solicitation. [40] FAR 14.301 states: To be considered for award, a bid must comply in all material respects with the invitation for bids.
Personnel who undertake procurement on behalf of an organization may be referred to as procurement officers, professionals or specialists, buyers or supply managers. [61] The US Federal Acquisition Regulation refers to Contracting Officers. [62] Staff in managerial positions may be referred to as Purchasing Managers or Procurement Managers.
Absentee bids – this is when a prospective buyer places a bid on an item without attending the sale. This is sometimes referred to instead as a commission bid because the auctioneer is effectively commissioned to enter bids on the potential buyer's behalf. The bid is submitted prior to the auction by whatever means the auctioneer has stipulated.
The Fiji Procurement Office was established under Section 4 of the Fiji Procurement Regulations 2010 [175] and commenced operations on 1 August 2010. The establishment of the Office and the new Fiji Procurement Regulations were a direct result of the re-organisation of the Government Supplies Department by the Fijian government.
The real estate market has been on a wild ride the past few years. During the peak of the pandemic, interest rates plummeted and buyers got into bidding wars over homes -- sometimes paying ...
Bid delegation can be a factor fostering the presence of bid rigging; for instance, it is the case of marketing agencies that bid for the same ad space on behalf of different and competing agents. [ 9 ] ).
A bid manager will ensure the smooth running of the bid for a project within the correct time and financial parameters, and manage the relationship with the client. Bid managers may work in conjunction with a bid director and often with specialists in the construction and built environment industries to create and manage the bid for a project. [1]