Tie bids definition
Tie bids means the low responsive bids from responsible bidders that are identical in price, delivery, and payment terms.
Tie bids means when two or more bidders bid exactly the same amount at the same time which the Auctioneer has a duty to resolve.
Tie bids means responsive Bids from responsible Bidders that meet all the requirements specified in an RFQ or IFB, are identical in price, are the lowest Bid, and have the same delivery time if a delivery time is requested by Pace (e.g., solicitations for bus parts or fluids). In the event of Tie Bids, Pace’s Chief Procurement Officer (CPO) will determine the winning Bidder by drawing lots.
Examples of Tie bids in a sentence
Tie bids may cause rejection of bids by the Division of Procurement and/or prompt an investigation for Anti-Trust violations.
Tie bids are strictly governed by the County's Procurement Regulations.