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Acronyms that contain the term invitation for bid
What does invitation for bid mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: invitation for bid.
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Term |
Definition |
Rating |
| ITB | Invitation To Bid | |
| IFB | Invitation For Bid | |
| IFB | Invitation For Bid | |
| IFB | Invitation For Bid | |
| ITT | Invitation To Tender | |
| ITT | Invitation To Tender | |
| MB | Minimum Bid | |
| B&P | Bid and Proposal | |
| NIT | National Invitation Tournament | |
| CB | Current Bid | |
| RFB | Request For Bid | |
| LIBID | London Interbank BID rate | |
| BIO | By Invitation Only | |
| TOB | Take Over Bid | |
| SB | Specified Bid | |
| BBO | Best Bid Offer | |
| LIBID | London Inter-Bank Bid Rate | |
| CB | Counter Bid | |
| BIO | By Invitation Only | |
| IFT | Invitation For Tender | |
| IFT | Invitation For Tender | |
| IFT | Invitation For Tender | |
| IFT | Invitation For Tender | |
| ITT | Invitation To Transmit | |
| BBO | Best Bid/Best Offer |
What does invitation for bid mean?
- Invitation for bid
- An invitation for bid or invitation to bid is an invitation to contractors or equipment suppliers, through a bidding process, to submit a proposal on a specific project to be realized or product or service to be furnished. IFB is generally the same thing as Request for Quotation. The IFB or RFQ is focused on pricing, and not on ideas or concepts. If not stated otherwise, the contractor or supplier with the lowest bid is awarded the contract, provided that they meet the minimum criteria for the bid. This is in contrast to a request for proposal, in which case other reasons might cause or allow choice of the second best offer. An RFP is a request for a price from a buyer but the buyer would also expect suggestions and ideas on how the project work should be done. RFPs are thus focused on more than just pricing/cost, they entail a bit of consulting from the contractor or vendor.
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"invitation for bid." Abbreviations.com. STANDS4 LLC, 2021. Web. 23 Jan. 2021. <https://www.abbreviations.com/invitation%20for%20bid>.
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