What does bidding mean?

Bidding refers to the behavior that the bidder (seller) submits the tender to the tenderer within the specified time limit at the invitation of the tenderer according to the conditions stipulated in the tender notice or tender sheet. At present, government agencies and public utilities in most countries purchase equipment, materials and daily necessities through bidding. Bidding is also often used when exploring resources, developing mineral deposits or inviting investment in construction projects.

Bidding refers to the behavior that the tenderee (buyer) issues a tender notice or tender sheet in advance, puts forward the name and parts of the goods purchased at the specified time and place, and invites bidders (sellers) to participate in bidding.

Extended information The tenderer shall have the corresponding funds for the project subject to tender or the sources of funds have been implemented, and shall truthfully state them in the tender documents.

The tenderer or tendering agency shall submit a letter of refund of the bid bond to the trading center within two working days after signing the contract. The trading center shall handle the refund formalities within five working days.

Bidding is divided into project bidding, service bidding, procurement bidding and electronic bidding. The purpose of project bidding is to introduce competition mechanism into the construction market, which is also a relatively perfect project contracting method adopted internationally. The advantage is that it saves costs and reduces corruption.

References:

Baidu encyclopedia-bidding

Baidu encyclopedia-bidding