Invitation for bid (IFB),
Definition of Invitation for bid (IFB):
A part of the sealed bid process. Companies or government organizations give in-depth specifications for projects and invite contractors to bid their proposals for various projects. The sealed bids are opened at the predetermined time and recorded. A contract is awarded to the best bid. Also called request for quote.
An Invitation for Bid (IFB), sometimes referred to as Invitation to Bid, is used in situations where potential vendors or service providers differ principally on price. Issuing an IFB allows a company to provide detailed written specifications including all the terms and necessary conditions for work on the specific project or projects it wants to contract out. Companies may deliver invitations to bid orally or in writing.
A comprehensive Invitation for Bid (IFB) solicitation will describe the planned project in detail, lay out submission requirements including deadlines, project scope and duration, minimum qualifications, mandatory service standards, and required warranties. It also provides a description of the overall selection process including timelines.
Meaning of Invitation for bid (IFB) & Invitation for bid (IFB) Definition