Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the difference between a Bid and a Quote?

April 26, 2017bid Quote

0

Posted

What is the difference between a Bid and a Quote?

1 Answer

0

Posted

A Bid is a formal offer submitted in response to an Invitation to Bid (ITB) issued by the Purchasing Agent becoming a Contract upon Award and governed by the City Code and the Virginia Public Procurement Act. A Quote is a response to a Request for Quote (RFQ), or a telephone request issued by a City department for an informal offer to provide goods or non-professional services valued less than $50,000.