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The idea behind an invitation to bid is to give all interested bidders standardized information about the project scope, duration, required warranties, service standards, and minimum qualifications. This information makes the bidding process fair and truly competitive.

To give you a little context, an Invitation to Bid (ITB) or Invitation for Bid (IFB) is a call for contractors to submit a proposal for a specific product or service that an organization knows it wants/needs.

34.1 Within twenty-one (21) days of the issue of notification of award by the purchaser, the successful bidder shall furnish the performance security in ance with and as per the instructions incorporated in the general conditions of contract with regard to performance security.

An invitation to bid (ITB) is an official document issued by a project owner that targets contractors to solicit bids for a construction project. The ITB provides all bidders with information about the project including scope, duration, submission guidelines and minimum qualifications.

The whole point of using an RFP is that it's “process-sourcing” as opposed to the ITB which is “price-sourcing”. A request for proposal allows contractors to propose different ways of performing a task – not based on price but purely based on work specifications, experience, and expertise.

Bidding process The project manager or contract/purchasing manager creates a bid that describes the specifications and estimated cost of the project. The manager issues the bid. (Optional) The reviewers approve the bid. The manager sends the bid to a group of vendors for response.

If you're looking to understand ITBs in construction, look no further! An ITB (Invitation to Bid) is a written invitation sent out by a project owner or their agent to contractors to submit a proposal on a construction project.