Competitive Tender Process definition

Competitive Tender Process means a process by which Pension Scheme Trustees, or another person appointed by them to act on their behalf, have invited and used reasonable endeavours to obtain Bids for the provision of Fiduciary Management Services from three or more unrelated Fiduciary Management Providers and have evaluated the Bids received; and for these purposes ‘unrelated’ means independent of each other and thereby in a position to compete with each other;
View Source
Competitive Tender Process means a process by which the Group invites and evaluates bids for the provision of statutory audit services from two or more audit firms.
View Source
Competitive Tender Process means an open and competitive tender process that either: (i) includes exclusively arm’s length bidders; or (ii) where one or more bidders is non-arm’s length to the Proponents, includes bids from at least two (2) arm’s length third parties; and which results in the assessment and selection of bids on the basis of achieving best value as generally accepted in the industry including factors such as price, quality, service, safety, operational performance, total cost of ownership, and availability.
View Source

More Definitions of Competitive Tender Process

Competitive Tender Process means a process by which an existing Client acting independently of the incumbent Consultant invites bids from at least two Consultants for an Investment Services Contract and evaluates any bids received independently in good faith. Completion of a Competitive Tender Process shall be construed as having occurred either on the effective date of the Consultant Appointment or upon confirmation of the reappointment of the Consultant should the pre-existing Investment Services Contract remain in force following a Competitive Tender Process.
View Source

Related to Competitive Tender Process

  • Competitive Process means a formal sealed, electronic, or web-based bid procedure used for all nonclaims related purchases for goods and services over fifty thousand dollars. For purchases between five thousand dollars and fifty thousand dollars, competitive process means quotations obtained from at least three vendors by telephone or written quotations, or both, and supported by evidence of competition. Purchases up to five thousand dollars are exempt from competitive bids providing procurement is based on obtaining maximum quality at minimum cost.

  • competitive bidding process means a competitive bidding process referred to in paragraph 12 (1) (d) of this Policy;

  • Competitive negotiation means a procedure for contracting for supplies, materials, equipment or contractual services, in which proposals are solicited from qualified suppliers by a request for proposals, and changes may be negotiated in proposals and prices after being submitted.

  • 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;

  • Competitive solicitation means a formal, advertised procurement process, other than an Invitation to Bid, Request for Proposals, or Invitation to Negotiate, approved by the Board to purchase commodities and/or services which affords vendors fair treatment in the competition for award of a District purchase contract.