Definition of Competitive negotiation:
Tendering method (used as an alternative to competitive bidding) in which a request for proposals (RFP) is sent only to qualified contractors or suppliers. The RFP details the scope, specifications, and terms and conditions of the proposed contract and the criteria for evaluating the bids. Then separate negotiations are carried out with each bidder whose bid falls within the preset competitive range. The process concludes with the award of contract to the bidder who offers most advantageous price, quality, and service combination.
Meaning of Competitive negotiation & Competitive negotiation Definition