What does "competitive bidding" involve?

Competitive bidding is a procurement method where multiple contractors submit proposals or bids to secure a project or contract, with the aim of ensuring fair market pricing and fostering a competitive environment. This process encourages contractors to present their best offers, which can help to lower project costs and increase the quality of services provided, benefiting both the client and the contractors involved.

In competitive bidding, transparency is key as it allows clients to compare different proposals based on price and qualifications, ensuring that they choose the best option available. This process also fosters competition among contractors, which can lead to more efficient project execution and innovation in methods or materials proposed in bids.

The other options do not accurately describe competitive bidding. For instance, the notion of only one contractor submitting bids undermines the concept of competition. Avoiding subcontractor involvement doesn't align with the collaborative nature of most construction projects, where subcontractors play crucial roles. Lastly, negotiating prices after contracts are awarded does not fit the competitive bidding framework, which is centered around upfront proposals rather than post-award negotiations.