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Competitive Bidding is a process used in Commercial Law to determine the best offer for a particular product or service. It involves the submission of bids by multiple parties, with the highest bidder being awarded the contract. The process is often used in government procurement, where the government is seeking to purchase goods or services from the private sector. It is also used in the private sector, where companies are competing for a contract or project.
The process of competitive bidding is designed to ensure that the best offer is chosen, and that the process is fair and transparent. It involves the evaluation of bids based on criteria such as price, quality, and delivery time. The process also includes the negotiation of terms and conditions, and the selection of the winning bidder.
Some companies in the competitive bidding market include Amazon, Microsoft, IBM, Oracle, and Google. Show Less Read more
