Explanation:Bidding processes are very common in government procurement. They are often used to improve transparency and guarantee better quality. However, a bid solicitor can be any private or public institution or even an individual that requires a product or a service. The solicitor commonly notifies about the specific procurement requirements to potential suppliers and provides bid terms, which are minimum requisites to participate in the selection process. The bidders are interested companies that present their bids according to conditions and time previously defined by the solicitor. A typical bid should include evidence about past successful jobs performed, past and current clients, available resources to execute the required work and any other information proving that requisites are not only met but even exceeded.
In a nutshell:
- A bid is an offer made by an investor, trader, or dealer in an effort to buy an asset or to compete for a contract.
- The spread between the bid and the ask is a reliable indicator of supply and demand for the financial instrument.
- Market makers are vital to the efficiency and liquidity of the marketplace.
- Bids can be made live, online, through brokers, or through a closed bidding process.
- Types of bids include auction bids, online bids, and sealed bids.