What Is a Request For Bid?

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1. Guest9798
   

   Also known simply as a bid request, a request for bid is a formal solicitation for a supplier to submit a bid to a potential customer in hopes of securing the business of that individual, company, or non-profit organization. Sometimes referred to as a request for proposal or RFP, the bid request includes the terms and conditions that would govern the working relationship, as well as provide pricing that the issuer is likely to find desirable. While bids can be somewhat informal, they are often well-documented, and structured in a manner that allows the entity requesting bids to compare all submissions with relative ease.
   
   The process for creating a request for bid is relatively straightforward. The issuing entity identifies what products are necessary, includes any details about special applications or features that are required, then invites selected suppliers to submit a formal bid for the business. Usually, there are restrictions on how the bid can be submitted, and a due date by which the issuer must receive the bid in order for it to be considered. Failure to follow the guidelines put in place by the issuer usually leads to automatic exclusion from consideration once the evaluation of received bids is underway.

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