Which of the following is a sub-type of an open tender?
- ALocal competitive bidding
- BInternational competitive bidding
- CBoth (A) and (B)Correct
- DNone of the above
Solution
Concept
An open tender is open to all eligible bidders. It can be local (national) or international.
Step-by-step solution
1. Open tender means any eligible contractor can bid after public notice. 2. If the notice is limited to the local or national market, it is Local Competitive Bidding (LCB). 3. If foreign bidders are also invited, it is International Competitive Bidding (ICB). 4. Both LCB and ICB are types of open tender.
Explanation
Open tender is advertised publicly so that many bidders can take part. Its two common forms are Local Competitive Bidding and International Competitive Bidding. So both (A) and (B) are correct.
Correct answer: C) Both (A) and (B)