Best Value
/ˌbɛst ˈvæljuː/
Definitions
- (n.) A procurement principle where the award is made to the proposal offering the optimal balance of cost, quality, and other factors rather than simply the lowest price.
The contract was awarded based on best value to ensure both quality and affordability.
Forms
- best value
Related terms
See also
Commentary
Best value is commonly used in public procurement to ensure a holistic evaluation beyond price alone, emphasizing quality and other relevant factors.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.