A common procurement practice designed to secure value for money by inviting a number of suppliers to submit offers. Most procurement governance schemes allow non-competitive bids for lower value acquisitions, but require competitive tension to demonstrate value for higher value acquisitions. In the public sector competitive bidding allows transparency, equality of opportunity and the ability to demonstrate that the outcomes represent best value. See also Tender.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
