Lowest Bid definition

Lowest Bid means the bid in quantitative terms (in INR) that is the least from the ones received from all the Bidders who have technically qualified.

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Lowest Bid means the lowest bid price submitted which meets the requirements and specifications as set out in the bid request; minor deviations excepted.

Lowest Bid means the lowest price offered for a given contract.

Examples of Lowest Bid in a sentence

• If more than one bidder has quoted exactly the same price in their bids, and if it has become the Lowest Bid (L1), the decision of the Purchaser is final to allocate the schedule quantity between the L1 bidders.

• BHEL will proceed with the Lowest Bid in the Reverse Auction for further processing.

• The Service Provider Bid does not exceed the Lowest Bid by more than 10% (ten percent) of the Lowest Bid as quoted by the Lowest Bidder.

• The Lowest Bid will be decided upon the lowest total price quoted by the Bidder in the Financial Bid Format given at Annexure IV.

• The Bidder shall be able to view Bid Start Price, Bid Decrement Value, Prevailing Lowest Bid value and last Bid Placed by him.

• For the purpose of ranking all technically acceptable proposals, the following ratio will factor the technical and the price component to establish a total percentage score: Technical Score = Bidder’s Points x 70% Cost Score = Lowest Bid x 30% Maximum Points Bidder’s Cost The proposal will be awarded to the highest total technical and price score.

• Any participating bidder can bid one or multiple Step Decrement lower than the prevailing Lowest Bid at that time.

• Example: Lowest Bid Price / Bidder’s Proposed Price X Weight = Price Score.

• In L-1 Matching round, the Bidders will be displayed the bid of the Lowest Bidder (“Lowest Bid”) and available quantity, they will be required to input the quantity in MW that they $ The format for the bank guarantee has been published as part of Section B of this Standard Bidding Document wish to supply at the Lowest Bid.

• All other bidders will be asked to match the Lowest Bid in the system (“L-1 Matching”).

More Definitions of Lowest Bid

Lowest Bid means essentially that: lowest bid or lowest price offered. It typically does not include an analysis of life-cycle costs (such as reliability, maintenance, or other long-term costs), vendor reliability (based on past performance), adaptability to future conditions (as might be advisable with technology purchases, particularly software or services contracts), or other such factors. In short, if the vendor's product or service meets the minimal specifications of the bid or proposal request and the vendor submits the lowest price offered, then the bid must be awarded to the vendor.