Business Pitch Dictionary by pitch.dog
Procurement evaluation & award · Working

Three-bid policy

Also called: three quotes rule

ELI5

An organisational rule requiring multiple quotations before purchase, subject to exceptions.

Used in conversation

“The RFP must state how three-bid policy will be evaluated.”

Pitch context

You will see “Three-bid policy” in operating plans, procurement packs, supplier reviews and supply-chain reports when the discussion reaches procurement evaluation & award.

Why it matters: In procurement evaluation & award, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

Sources & evidence · 3

Direct term-level sources and supporting source families.