Question

In a competitive bid, Multiple Choice the terms of sale are offered by the supplier in response to the purchase specifications posted by a buyer. long-term suppliers of a firm compete to do business with the firm to increase flexibility and spur innovation. if different suppliers’ quality, dependability, and delivery schedules all meet the buyer’s specifications, the buyer will select the high-price bid. the terms of sale are offered by a buyer after product specifications are posted by the seller. as the number of suppliers competing for the business increases, the ability to drive down prices or provide beneficial terms of sale is lost.

Answer 1

the terms of sale are offered by the supplier in response to the purchase specifications posted by a buyer.

Step-by-step explanation:

Competitive bid is when an entity that wants to buy a product or service requests for proposals from suppliers stating how well they meet the requirements of the buyer.

Suppliers also state the price at which the product or service can be delivered.

Buyers review the bids and choose the one that is best for at the lowest price.

A competitive bid is a transparent process where all the most qualified suppliers are chosen to execute a project.

The performance history of suppliers may also be used when buyer is deciding on the best fit.