Best Value Bid definition
Best Value Bid means the selection process for goods or services based on pre-determined criteria identified by the county in which objective qualitative factors along with price are considered.
Best Value Bid means the optimal balance of technical merit and cost determined in accordance with pre-set evaluation criteria disclosed in a Bid Solicitation for the purpose of making an Award. For Requests for Tenders and Requests for Quotations, the best value bid is the lowest cost compliant Bid meeting technical specifications and qualifications. For Requests for Proposals, the best value is the highest ranked compliant Bid following the evaluation of proposals.
Best Value Bid means a Compliant Bid offer, proposal or other submission received from a Bidder in response to a Bid Request that offers the Best Value for Money of all such Bids received, provided that in the absence of evidence to the contrary, and except in the case of an Acquisition by Request for Proposal, the Compliant Bid that would provide the Town with the desired Goods or Services at the lowest cost shall be considered the Best Value Bid;
Examples of Best Value Bid in a sentence
The Bid, that obtains the highest Overall Score (Ts) value, will be rated as the Best Value Bid.
More Definitions of Best Value Bid
Best Value Bid means the optimal balance of technical merit and cost determined in accordance with pre-set evaluation criteria disclosed in a Bid Solicitation for the purpose of making an Award. For Requests for Tenders and Requests for Quotations, the Best Value Bid is the lowest cost Compliant Bid meeting technical specifications and qualifications, and which has not otherwise been rejected by Peel pursuant to Peel’s rights under the Bid Solicitation. For Requests for Proposals, the best value is the highest ranked Compliant Bid following the evaluation of proposals. The determination of a Best Value Bid may consider, without limitation, a review of the Bidder’s references and past experience obtained in accordance with the Bid Solicitation, the Bidder’s past performance and litigation and claims history, and any previous failure on the part of the Bidder to accept a contract award, any of which may result in higher ultimate costs or other difficulties to Peel, and would not be deemed to provide the best value to Peel.