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What is the award of the bid?

Once all the bids have been reviewed, a bid tally is drawn up in which all of the bids are listed by quoted price, from lowest to highest; an award is then granted to the vendor who submitted the lowest bid and who possesses the required qualifications for the contract.

What is the basis of the contract award?

Basis for contract award They are judged on price as well as capability, capacity, and past performance. The factors are either weighed equally or greater than price.

What is the difference between open bidding and sealed bidding?

Competitive Bidding Bids are typically sealed and selection occurs through either an open bidding process, in which they are revealed in view of the bidders, or a closed bidding process, in which they are opened in a closed session.

What are the steps in the sealed bidding process?

The following steps are involved: (a) Preparation of invitations for bids. Invitations must describe the requirements of the Government clearly, accurately, and completely. (b) Publicizing the invitation for bids. (c) Submission of bids. (d) Evaluation of bids. (e) Contract award.

What is the awarding of the contracts?

8.7 AWARDING THE CONTRACT. After the contract has been executed, award the contract by sending the signed Agreement and other contract documents to the lowest responsible bidder, at this point known as the contractor. Award the contract prior to the expiration of the bid bond.

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What is the basis of award for a sealed bid contract?

After bids are publicly opened, an award will be made with reasonable promptness to that responsible bidder whose bid, conforming to the invitation for bids, will be most advantageous to the Government, considering only price and the price-related factors included in the invitation.

What is the process of a sealed bid auction?

A sealed-bid auction is a type of auction process in which all bidders simultaneously submit sealed bids to the auctioneer so that no bidder knows how much the other auction participants have bid. Sealed bid refers to a written bid placed in a sealed envelope.

Which of the following is the basis on which the sealed bidding procurement method is awarded?

The award will be made on the basis of price and other price-related factors; It is not necessary to conduct discussions with the responding offerors about their bids; and. There is a reasonable expectation of receiving more than one sealed bid.

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What is the basis of award for a sealed bid contract?

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