International Competitive Bidding:
This is one of the most appropriate methods of competitive bidding in public procurement. The process entails the procurement entity to internationally advertise their requirement of goods and services. In an internationally acceptable language. The contract is then awarded to the bidder with the best bids and contract terms.
The procurement entity in such kind of arrangements enjoys a certain amount of freedom in selecting winning bids for its projects. ICB procedures are normally employed for contracts with estimated values that exceed thresholds set at the time of procurement plan preparation
Advantages of International Competitive Bidding:
It promotes competition between suppliers, resulting in best “value for money” for purchasers and users
It offers a kind of transparency and help avoid corruption and favouritism
It gives all suppliers the opportunity to win the business that is advertised
International Competitive Bidding enables effective competition and gives equal opportunities for businesses to participate and win in government procurement activities.