Define: Open Bidding

How is Open Bidding defined in a legal contract?

• Open Bidding means a procurement method for goods and non-consultancy services, which everyone can participate in, on equal terms through advertisement. Seen in 8 SEC filings.
• Open Bidding means a procurement method that allows an interested supplier to submit a bid for a procurement contract. Seen in 4 SEC filings.
• Open Bidding means a method for acquiring goods, works, and services which involves inviting all interested economic operators to submit a bid in a competitive process. Seen in 3 SEC filings.
• Open Bidding means a competitive procurement method in which the number of potential participants is not restricted. Seen in 1 SEC filing.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of open bidding' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Open Bidding means a method in which all interested parties are invited to submit a bid for goods, services, or works under equal conditions.

Relevant Contract Types

• Procurement Contract
• Tender Contract
• Supply Contract
• Service Contract

Relevant Circumstances

• When goods, services or works are required by an organization
• When an organization wants to select the most competitive bid

Relevant Sectors

• Construction
• Government
• Manufacturing
• Retail
• IT Services

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