Competitive Bidding

Business, Legal & Accounting Glossary

Definition: Competitive Bidding


Competitive Bidding


Full Definition of Competitive Bidding


A process by which a contracting firm selects from among competing vendors or contractors who have submitted bids at the request of the firm. Bids are usually sealed and selection occurs through either an open bidding process, in which they are revealed in view of the bidders, or a closed bidding process, in which they are opened in a closed session. The process is designed to increase the competitiveness of pricing and minimize the preferential treatment.


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Competitive Bidding. PayrollHeaven.com. Retrieved November 29, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/competitive-bidding/

Definition Sources


Definitions for Competitive Bidding are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.