A Bid is a typically a response to a formal notice soliciting goods or services. It has specifications and standards. It is usually awarded to the bidder meeting the specs with the lowest price.Bids are typically advertised in the local newspaper and other areas such as this web page
A quote is less formal tender, proposal or quotation submitted in response to a solicitation from the Village of Indian Head Park. These may be done by phone or thru vendor websites where prices are available.
A contract is a legal obligation between the Village of Indian Head Park and qualified company or individual to perform or abstain from performing some act. We have employment contracts and contracts for goods or services..
An RFP is generally used for projects costing $25,000 or more, and often used when the selection of a supplier cannot be made solely on the basis of the lowest price. An RFP is used to procure the most cost-effective solution based upon evaluation criteria identified in the Request For Proposal write-up.