BID OPENING Meaning and
Definition
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Bid opening refers to the formal process of reviewing and publicly disclosing the submitted bids or proposals for a specific project, contract, or procurement. It marks the initial stage of evaluating the submitted bids in order to determine the most suitable bid based on various criteria.
During a bid opening process, all sealed bids are collected and opened at a predetermined time and place. This can be done either physically by an appointed person or virtually through electronic means. The objective is to ensure transparency and fairness in the selection process.
The bid opening typically involves reading aloud the names of the bidders, followed by the disclosure of the bid prices or relevant details. Alongside the bid prices, additional information such as bid bonds, technical specifications, qualifications, and any required supporting documentation may also be revealed.
Once the bids are publicly opened, they are recorded and later assessed by the evaluating committee or the project owner to determine which bid aligns best with the project requirements and evaluation criteria. This evaluation process may involve examining factors such as price, quality, delivery time, experience, and other specifications mentioned in the bidding documents.
Overall, bid opening is a crucial step in the procurement or contracting process, allowing for transparency, accountability, and fair evaluation of proposals, ultimately selecting the most suitable bid for the project or contract.
Etymology of BID OPENING
The term "bid opening" is composed of two words: "bid" and "opening". Here is the etymology of both words:
1. Bid:
The word "bid" originated from Middle English and has its roots in Old English "bēodan" which means "to offer, command". In Middle English, "bēodan" evolved into "bidden", retaining the meaning of making an offer or command. Over time, "bid" emerged as the modern form, specifically used in the context of submitting bids or offers.
2. Opening:
The word "opening" stemmed from Middle English "openinge", which was derived from the Old English word "opnian" meaning "to open". This Old English word shares its roots with the Proto-Germanic word "opnaną", and can be traced back to the Proto-Indo-European root "h₂ep-", meaning "to open".
Similar spelling words for BID OPENING
