Bid solicitation is the process of requesting bids or proposals from potential contractors or suppliers for a specific construction project. It is an important step in the construction industry as it allows the owner or the project manager to select the most competitive and qualified bidder.
The bid solicitation process typically involves creating an invitation for bid or request for proposal (RFP), which outlines the project specifications, scope of work, and contractual terms. Once the bid invitations are sent to the prospective bidders, a bidding deadline is established, and the contractors are required to submit their bids or proposals within this timeframe. The bids are then evaluated as part of a bid selection process based on various criteria such as cost, experience, and qualifications, and a bidder is selected for the project.
Related Terms: Bid Selection, Bid Package, Bid
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