Invitation For Bid

A Invitation For Bid (referred to as IFB) is an invitation for suppliers, through a bidding process, to submit a proposal on a specific product or service.

If not stated otherwise the supplier with the lowest bid is awarded the contract, provided that they meet the minimum criteria for the bidfact|date=May 2007. This is in contrast to Request for Proposals (RFPs) where other reasons (used technology, quality) might rectify to choose the second best offer.


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Invitation For Bid - IFB — When a company or organization provides detailed project specifications and allows contractors to send in their proposals indicating how much the project will cost to complete. Because the focus of the invitation for bid is on the bidder s price… …   Investment dictionary

  • invitation — in‧vi‧ta‧tion [ˌɪnvˈteɪʆn] noun [countable] 1. an offer of an opportunity that is made to someone: • She turned down an invitation to serve on the company s board. 2. FINANCE invitation to subscribe an occasion when a company offers shares for… …   Financial and business terms

  • invitation to tender — UK US noun [C] (plural invitations to tender) (also invitation to bid) COMMERCE ► an occasion when companies are told they can compete for work by offering their best price: »A formal invitation to tender for this work has now been issued …   Financial and business terms

  • bid — bid1 bidder, n. /bid/, v., bade or (Archaic) bad for 1, 2, 5, 6, 8 or bid for 3, 4, 7, 9, 10; bidden or bid for 1, 2, 5, 6, 8 or bid for 3, 4, 7, 9; …   Universalium

  • bid — An offer by an intending purchaser to pay a designated price for property which is about to be sold at auction. An offer to perform a contract for work and labor or supplying materials or goods at a specified price. Public contracts are… …   Black's law dictionary

  • bid — An offer by an intending purchaser to pay a designated price for property which is about to be sold at auction. An offer to perform a contract for work and labor or supplying materials or goods at a specified price. Public contracts are… …   Black's law dictionary

  • invitation — In the law of negligence, and with reference to trespasses on realty, invitation is the act of one who solicits or incites others to enter upon, remain in, or make use of, his property or structures thereon, or who so arranges the property or the …   Black's law dictionary

  • bid — Synonyms and related words: adjuration, advance, appeal, approach, ask, asking price, assay, attempt, bargain, bargain price, beat down, beseechment, bid for, bid in, bid price, bid up, biddance, bidding, call, call on, call the signals, call… …   Moby Thesaurus

  • bid — [[t]bɪd[/t]] v. bade bid, bid•den bid, bid•ding, 1) to command; order; direct: to bid them depart[/ex] 2) to say as a greeting, wish, etc.: to bid good night[/ex] 3) bus to offer (a certain sum) as the price one will charge or pay: They bid… …   From formal English to slang

  • bid — 1 / bid/ vb bid, bid·ding vt: to offer (a price) for payment or acceptance vi: to make a bid: state what one will pay or take in payment a contractor bidding for a job bid·der n bid 2 …   Law dictionary


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.