What is the price negotiation process commonly experienced by government and institutional entities known as?

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The price negotiation process commonly experienced by government and institutional entities is known as competitive bidding. This involves a formal process where multiple vendors submit proposals and bids for a specific project or contract. The entity then chooses the best proposal based on a set of criteria, which may include price, quality, and overall value. Competitive bidding is used to ensure fairness and transparency in the procurement process. Decentralized buying refers to purchasing decisions made by multiple individuals within an organization, whereas collective bargaining is a negotiation process between employers and employees or their representatives. Systems integration involves combining different systems or technologies to work together seamlessly.

What Is the Price Negotiation Process Commonly Experienced by Government