Rebidding: meaning, definitions and examples
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rebidding
[ ˌriːˈbɪdɪŋ ]
business process
Rebidding refers to the act of submitting a new bid in a competitive tendering process after being unsatisfied with the initial bids received. It is often employed to ensure better pricing or terms when the initial bidding did not meet expectations. Rebidding can occur in various sectors, such as construction, procurement, or service contracts. The process typically involves reevaluating project specifications and inviting new bids, creating an opportunity to obtain more favorable conditions.
Synonyms
re-tendering, reauctioning.
Examples of usage
- The company went through a rebidding phase to find a more cost-effective contractor.
- After the initial round of bids, the client decided on rebidding the project.
- The rebidding process helped to streamline the project costs significantly.
Translations
Translations of the word "rebidding" in other languages:
🇵🇹 nova licitação
🇮🇳 पुनः निविदा
🇩🇪 Neuausschreibung
🇮🇩 penawaran ulang
🇺🇦 повторна заявка
🇵🇱 nowe złożenie oferty
🇯🇵 再入札
🇫🇷 nouvelle soumission
🇪🇸 nueva licitación
🇹🇷 yeniden ihale
🇰🇷 재입찰
🇸🇦 إعادة تقديم العطاءات
🇨🇿 nové podání
🇸🇰 nové podanie
🇨🇳 重新投标
🇸🇮 nova ponudba
🇮🇸 ný tilboð
🇰🇿 қайта тендер
🇬🇪 დავალიანების გადაგზავნა
🇦🇿 yenidən tender
🇲🇽 nueva licitación
Etymology
The term 'rebidding' is derived from the prefix 're-' meaning 'again' and the word 'bid', which originates from the Old English 'bidde', meaning 'to offer' or 'to request'. Used primarily in commercial and construction contexts, the concept of rebidding has become increasingly prevalent in competitive industries, where contractors and suppliers are often invited to submit new offers based on revised specifications or after analyzing initial bids. Over the years, as markets have become more competitive, the practice of rebidding has been recognized as an essential strategy for achieving better financial outcomes and more favorable contractual terms.