What Does IFB Stand For?
IFB stands for Invitation For Bids
IFB, or Invitation For Bids, is a formal procurement process used by organizations to solicit competitive offers from suppliers or contractors for a specific project or service. The IFB outlines the requirements, specifications, and terms of the project, inviting interested parties to submit their bids by a specified deadline. This process ensures transparency and fairness in awarding contracts, enabling organizations to select the most qualified vendor based on predetermined criteria.
Added on 14th April 2008 | Last edited on 17th June 2025 | Edit Acronym