Best Value Bid
/ˌbest ˈvæljuː bɪd/
Definitions
- (n.) A procurement offer evaluated based on a combination of price and qualitative criteria to determine the most advantageous proposal.
The contract was awarded to the best value bid, balancing cost and quality.
Forms
- best value bid
- best value bids
Related terms
See also
Commentary
Best value bids emphasize overall value rather than just lowest price, encouraging qualitative assessment in contract awards.
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