Bid Discount definition

Bid Discount means the application of a percentage discount to the total amount of a bid submitted by a Bidder for a Contract solely for the purpose of bid comparisons when evaluating the lowest and best bid, or lowest responsible bid. The use of a Bid Discount for bid comparison does not alter the total amount of the bid submitted by a Bidder or the Contract executed based on a bid.
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Bid Discount means a reduction in the bid amount on construction and goods and services procurements for evaluation purposes only. The maximum discount shall not exceed$50,000. The discounted bid amount is used in the evaluation process to award the contract to the lowest, responsive, responsible, and best bidder. The bid discount is applied to eligible certified MBE/WBE bidders.
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Examples of Bid Discount in a sentence

  • Contracting Departments may apply a Bid Discount of five percent (5%) for bids received from certified MBE and FBE Bidders to remediate past or present discrimination, where the City has developed or obtained a legally sufficient basis in evidence to demonstrate past or present discrimination.

  • The Contracting Department shall apply a Bid Discount in the following amounts for bids received from LPE and/or SUBE prime contractors: A Bid Discount of two percent (2%) for bids received from LPEs. A Bid Discount of two percent (2%) for bids received from SUBEs.

  • If a Contracting Department does not apply an MBE or FBE Bid Discount to one or more bids for the award of a Contract, the Contracting Department may apply a Bid Discount in the following amounts for bids received from CSB prime contractors: A Bid Discount of five percent (5%) for bids received from CCSBs.A Bid Discount of five percent (5%) for bids received from RCSBs, provided no bids are received from CCSBs.

  • If a Contracting Department applies the MBE/FBE subcontracting Bid Discount to the bid of a Bidder that would not have otherwise been the lowest and the Bidder is awarded the Public Improvement Contract, the City shall retain as Additional Retainage an amount equal to the total dollar amount by which the bid was adjusted for bid comparison in addition to the contract retainage required under Section 185.41 of the Codified Ordinances of the City of Cleveland.

  • Unless otherwise provided in this Program, Developers shall apply a ten percent (10%) Bid Discount and/or Ratings Bonus’ to any Proposal/Bid from a Certified SBE for all contracts estimated to be between $10 Thousand and $10 Million.

  • If applicable, a Contract Monitoring Division (CMD) Contract Compliance Officer will assess Bid compliance with Local Business Enterprise (LBE) requirements and assign a Bid Discount to eligible Bids.

  • If a Contracting Department does not apply an MBE or FBE Bid Discount to one or more bids for the award of a Contract, the Contracting Department may apply a Bid Discount in the following amounts for bids received from CSB prime contractors: A Bid Discount of five percent (5%) for bids received from CCSBs.A Bid Discount of five percent (5%) for bids received from RCSBs, provided no bids are received fromCCSBs.

  • Bidder’s price shall be reduced by an amount equal to the applicable LBE Bid Discount.

  • The Contracting Department shall apply a Bid Discount in the following amounts for bids received from LPE and/or SUBE prime contractors: A Bid Discount of two percent (2%) for bids received from LPEs.A Bid Discount of two percent (2%) for bids received from SUBEs.

  • If a Contracting Department applies the MBE/FBE subcontracting Bid Discount to the bid of a Bidder that would not have otherwise been the lowest, and the Bidder is awarded the Public Improvement Contract, the City shall retain as Additional Retainage an amount equal to the total dollar amount by which the bid was adjusted for bid comparison in addition to the contract retainage required under Section 185.41 of the Codified Ordinances of the City of Cleveland.

Related to Bid Discount

  • Solicited Discounted Prepayment Offer means the irrevocable written offer by each Term Lender, substantially in the form of Exhibit O, submitted following the Administrative Agent’s receipt of a Solicited Discounted Prepayment Notice.

  • Solicited Discounted Prepayment Notice means an irrevocable written notice of a Borrower Solicitation of Discounted Prepayment Offers made pursuant to Section 2.11(a)(ii)(D) substantially in the form of Exhibit N.

  • Age-based discount means a discount offered on selected hospital policies for persons and/or their partners aged between 18 and 29. The discount is two per cent for each year that the person is aged under 30, to a maximum of 10 per cent. Providing the person remains on an applicable hospital cover, they are entitled to the discount until they turn 41 at which time the discount will decrease at the rate of two per cent per year for up to five years, so that no age-based discounts are available after the age of 45.

  • Specified Discount Prepayment Notice means an irrevocable written notice of a Borrower Offer of Specified Discount Prepayment made pursuant to Section 2.11(a)(ii)(B) substantially in the form of Exhibit I.

  • Specified Discount Prepayment Response means the irrevocable written response by each Term Lender, substantially in the form of Exhibit K, to a Specified Discount Prepayment Notice.

  • Borrower Solicitation of Discount Range Prepayment Offers means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to Section 2.05(a)(v)(C).

  • Discount Range Prepayment Offer means the irrevocable written offer by a Term Lender, substantially in the form of Exhibit L, submitted in response to an invitation to submit offers following the Auction Agent’s receipt of a Discount Range Prepayment Notice.