A procurement process in which two or more suppliers compete for the award of a contract based on published requirements and evaluation criteria. Competition may take place through procedures such as open tenders, restricted procurements, framework competitions, or dynamic markets, depending on the applicable procurement rules. By inviting multiple suppliers to submit bids, contracting authorities can compare price, quality, technical capability, and other evaluation factors in a fair and transparent manner. Effective competition promotes value for money, encourages innovation, supports equal treatment of suppliers, and helps ensure that public contracts are awarded objectively and in accordance with procurement legislation.
Competition
A process where two or more suppliers compete for a contract against published criteria to secure fair, best-value awards.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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