Home > Terms > English, UK (UE) > Invitation to bid (ITB)

Invitation to bid (ITB)

Oral or written invitation to prospective suppliers to submit a bid on materials or services. ITB is only a solicitation, and does not qualify as an offer because the party making it does not wish to enter into a binding agreement without further negotiations. Also called request for bids (RFB).

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  • Part of Speech: noun
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  • Industry/Domain: Law
  • Category: Contracts
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