Formal bidding definition

Formal bidding means a contractor selection procedure that substantially complies with the process set forth in article V of this chapter for public works projects.
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Formal bidding means the solicitation of bids with written specifications and pursuant to publication of a Notice Inviting Bids at least once a week for two successive weeks in a newspaper of general circulation, the last publication to be made not less than two weeks nor more than six weeks prior to the opening of bids.
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Formal bidding means bidding conducted pursuant to the procedure set forth in Section 4.12.310B.
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Examples of Formal bidding in a sentence

  • Formal bidding procedures for major purchases provide a framework for economical management of city resources and help ensure the city receives fair value by contracting with the lowest and best bidders.

  • Formal bidding procedures shall also be used for the purchase of goods, general services, and non-public works construction projects valued at over $45,000.

  • For service contracts estimated to cost more than one-hundred thousand (100,000) dollars: • Formal bidding procedures shall be followed as prescribed in NC General Statutes 143-129.; and • All contracts in this category shall be approved and awarded by Town Council.

  • Formal bidding should be used to assure all possible contractor/service providers are given the opportunity to bid on major City contracts, thereby assuring the City that it has received the most competitive price.

  • For Road Construction/Repair Contracts estimated to cost more than three-hundred thousand (300,000) dollars:• Formal bidding procedures shall be followed as described in NC General Statutes 143-129 for Road Construction/Repair Contracts estimated to cost more than three- hundred thousand (300,000) dollars, as opposed to the five-hundred thousand (500,000) dollar limit as set forth in the statute; and• All contracts in this category shall be approved and awarded by Town Council.

  • Formal bidding should be used to assure all possible vendors are given the opportunity to bid on major City purchases, thereby assuring the City that it has received the most competitive price.

  • Formal bidding procedure should be used for purchases from $5,001 to$10,000.

  • Formal bidding process: The Invitation to Bid (ITB) and Request for Proposal (RFP) are formal bidding processes with defined requirements and clear parameters for contract award.

  • Formal bidding – Formal advertisement is required for projects in the formal bidding range.

  • If the tangible personal property is not standardized/uniform in quality and the agreement is not awarded to the vendor with the lowest quote, written justification is required.$50,000 or more: Formal bidding required.The process of receiving sealed written bids for purchases exceeding the maximum purchasing authority of the Executive Director (any amount in excess of $50,000).


More Definitions of Formal bidding

Formal bidding means the procedure to be followed in the solicitation and receipt of sealed bids, wherein:
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Formal bidding means issuing a solicitation to qualified Bidders that is prepared, advertised, and distributed with the intent of receiving bids or proposals in a sealed envelope(s) to be publicly opened at a set date and time. Formal bids are required when the estimated cost of the service or material is expected to be $25,000.00 or more. (Amended 03/17/11; O- 2011-02)
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Related to Formal bidding

  • Competitive bidding means a transparent process for procurement of equipment, services and works in which bids are invited by the project developer by open advertisement covering the scope and specifications of the equipment, services and works required for the project, and the terms and conditions of the proposed contract as well as the criteria by which bids shall be evaluated, and shall include domestic competitive bidding and international competitive bidding;

  • Bidding Procedures Order means that certain order of the Bankruptcy Court, entitled “Order (A) Approving Sale Procedures and Bid Protections, Including Break-Up Fee(s), In Connection With Sale Of Substantially All Assets; (B) Scheduling An Auction For And Hearing To Approve One Or More Sales; (C) Approving Notice Of Respective Date, Time And Place For Auction And For Hearing On Approval Of Sale(s),” entered on January 16, 2009.

  • Solicitation Procedures Order means the order of the Bankruptcy Court or other court of competent jurisdiction approving the Debtors' proposed procedures to govern their solicitation of votes on this Plan.

  • Successful Bidder As defined in Section 7.01(c).

  • Successful Bidder(s) means the bidder(s) to whom work in this tender is awarded.

  • Open Competitive Bidding means a fair and transparent specified procedure defined under these Rules, advertised in the prescribed manner, leading to the award of a contract whereby all interested persons, firms, companies or organizations may bid for the contract and includes both National and International Competitive Biddings;

  • The Bidder means the individual or firm who participates in this tender and submits its bid.

  • Approval Order means an order entered by the Bankruptcy Court, pursuant to Sections 363 and 365 of the Bankruptcy Code, authorizing and approving, among other things, (a) the sale of the Purchased Assets (b) the assumption of the Assumed Liabilities by Purchaser and (c) the assumption and assignment of the Purchased Contracts, in accordance with the terms and conditions of this Agreement, which will be in a form and substance reasonably acceptable to the Parties.

  • Qualified Bidder(s means a Bidder who fulfills the eligibility criteria listed out in the E-Auction Process Information Document.