Invitation for Bids

Dec 23, 2011 | Government Resources

Publicly-advertised fixed price procurements are made using either a sealed Invitation for Bid (IFB) or a Request for Quote (RFQ). Governments require more formality in these larger procurements because there is more money at stake: they want to be especially careful that they get the best value and that everyone is treated equally in the vendor selection process. The downside of this extra care is more paperwork and higher bidding costs for everyone involved.