Invitation to bid (ITB)

Invitation to bid (ITB),

Definition of Invitation to bid (ITB):

  1. Oral or written invitation to prospective suppliers to submit a bid on materials or services. ITB is only a solicitation, and does not qualify as an offer because the party making it does not wish to enter into a binding agreement without further negotiations. Also called request for bids (RFB).

Meaning of Invitation to bid (ITB) & Invitation to bid (ITB) Definition