Definition:
IFB stands for Invitation for a Bid. It is a the method used for the sealed bid process. Typically, an IFB includes a description of the product or service to be acquired, instructions for preparing a bid, the conditions for purchase, packaging, delivery, shipping and payment, contract clauses to be included and the deadline for submitting bids. Each sealed bid is opened in public at the purchasing office at the time designated in the invitation. All bids are read aloud and recorded. A contract is then awarded by the agency to the low bidder who is determined to be responsive to the government's needs.
Related Terms:
RFA (Request for Application)
RFP (Request for Proposal)
Contract
Related Information:
Government Contracting
Independent Contracting
Sealed Bidding
Related Books:
Successful Proposal Strategies for Small Business
Win Government Contracts for Your Small Business
More Books about Contracting
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