Home > Terms > English, UK (UE) > Invitation for bid (IFB)

Invitation for bid (IFB)

A part of the sealed bid process. Companies or government organisations give in-depth specifications for projects and invite contractors to bid their proposals for various projects. The sealed bids are opened at the predetermined time and recorded. A contract is awarded to the best bid. Also called request for quote.

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  • Part of Speech: noun
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  • Blossary:
  • Industry/Domain: Law
  • Category: Contracts
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  • Acronym-Abbreviation:
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