Suppliers submit proposals as part of a selection process called competitive bidding in an effort to acquire a buyer's business.
A proposal from one firm trying to sell services or compete for business with another business is known as competitive bidding. It is frequently related to a proposal made to a firm that is soliciting large-scale services, typically for a set period of time. When a government building project is launched and a certified construction business submits an offer to complete it for a specific cost, that is an illustration of a competitive bid. noun. a bid placed in the U.S. Treasury auction by a bank that is a major dealer.
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