The policy used when contracts are awarded as a... - JAMB Commerce 2019 Question

The bid pricing is used mostly in government contracts. If the object is to obtain the contract, the cost will be considered mainly to determine the level of Minimum Price. A bid price is the highest price that a buyer is willing to pay for goods. It is usually referred to simply as the "bid". In bid and ask, the bid price stands in contrast to the asking price or "offer", and the difference between the two is called the bid-ask spread. Wikipedia