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Term: Purchasing -> Lowest Responsive Bidder
Term:

Lowest Responsive Bidder

Definition:

That bidder who is awarded a contract because bid in unit price, total cost of operation, or value per dollar is lower than any of the bidders whose reputation, past performance, and business and financial capabilities are such that they would be judged by the appropriate authority to be capable of satisfying the needs for the specific contract.

Related terms:

Gross Profit Margin on Sales

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