A resident of an office tower wants to renovate the floors it currently occupies. They prepared specifications and distributed these to several contractors. They asked the contractors to prepare a formal written document that includes their price for completing the renovation, with pricing info to be submitted electronically on or before a specific date and time. After this time, submissions will be reviewed and a successful contractor chosen. Which type of proposal has been solicited in this scenario?

Question

Quizplus · Accepted Answer

A closed bid is a process where contractors submit their bids by a specific deadline, and the bids are not disclosed to other bidders. The submissions are reviewed after the deadline, and a contractor is chosen based on the proposals received.

A Resident of an Office Tower Wants to Renovate the Floors