The policy used when contracts are awarded as a result of tender is________
Question 1 Report
The policy used when contracts are awarded as a result of tender is________
Answer Details
The policy used when contracts are awarded as a result of tender is Bid Pricing.
Bid pricing is a strategy used by companies to win contracts by offering the lowest price among all the bidders while still ensuring profitability. When a company or organization puts out a tender for a project, other companies can submit their bids, which include the proposed price, along with other information like project timeline, quality standards, and experience. The company or organization will then review the bids and award the contract to the bidder with the most suitable proposal, often taking into consideration the price quoted.
In summary, bid pricing is a competitive strategy used by companies to secure contracts by offering the lowest price possible while still ensuring that the project remains profitable for the company.
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