Approved Bidders List:
Noun: A comprehensive record or roster maintained by an organisation, typically a government agency or a company, containing the names and contact information of individuals or entities who have met the necessary criteria and have been granted permission to participate in a specific bidding process or procurement opportunity. The Approved Bidders List serves as a reliable reference for the organisation to ensure that only qualified and reputable bidders are invited to submit proposals or bids for projects, contracts, or purchases. The list is typically established through a rigorous evaluation process, which may include assessing the bidder’s financial stability, technical expertise, past performance, and adherence to relevant regulations and standards. Being included in the Approved Bidders List signifies that the individual or entity has met the necessary requirements and has been deemed capable and trustworthy to engage in business transactions with the organisation.
An Approved Bidders List is a document or database maintained by a company or organisation that lists the pre-qualified or approved bidders who are eligible to participate in a specific procurement process or tender. The purpose of the list is to ensure that only qualified and reliable bidders are invited to submit their bids for a particular project or contract.
To be included in the Approved Bidders List, potential bidders usually have to meet certain criteria, such as having the necessary experience, financial stability, technical capabilities, and compliance with legal and regulatory requirements. The company or organisation may conduct a thorough evaluation of the bidders’ qualifications and may also consider factors such as past performance, references, and reputation.
Being on the Approved Bidders List provides bidders with the opportunity to receive invitations to bid on projects or contracts that match their expertise and capabilities. It also streamlines the procurement process by reducing the number of unqualified or unreliable bidders, saving time and resources for both the company and the bidders.
However, being on the Approved Bidders List does not guarantee that a bidder will be awarded a contract. The company or organisation may still evaluate the bids received based on various factors, such as price, quality, delivery time, and compliance with the tender requirements. The final decision on awarding the contract typically rests with the company or organisation, based on their evaluation and selection process.
Overall, an Approved Bidders List is a tool used by companies and organisations to ensure a fair and competitive procurement process by pre-qualifying bidders and inviting only those who meet the necessary criteria to participate.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/approved-bidders-list/
- Modern Language Association (MLA):Approved Bidders List. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/approved-bidders-list/.
- Chicago Manual of Style (CMS):Approved Bidders List. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/approved-bidders-list/ (accessed: May 09 2024).
- American Psychological Association (APA):Approved Bidders List. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/approved-bidders-list/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts