Which of the following best describes 'competitive bidding'?

Question

Quizplus · Accepted Answer

Competitive bidding involves inviting multiple suppliers to submit bids for a contract, aiming to ensure transparency and fairness in the procurement process. It does not necessarily mean buying cheaply or at a high price, nor does it involve inviting only one supplier to bid. Long-term supply contracts can result from competitive bidding but are not a defining characteristic of the process itself.

Which of the Following Best Describes 'Competitive Bidding