In which procurement method does the buyer provide written specifications to vendors to receive prices?

The procurement method where the buyer provides written specifications to vendors to receive prices is formal, competitive bid buying. This method involves a structured process whereby the buyer clearly outlines the required specifications for the products or services sought. These specifications ensure that all potential vendors understand the exact needs of the buyer, allowing them to submit competitive bids based on the same criteria.

This competitive process promotes fairness and transparency, as all vendors operate from the same set of specifications, enabling a direct comparison of bids based on price, quality, and delivery terms. This method is often used in situations where large quantities are needed, or when the items are complex, ensuring that the most advantageous offer can be selected based on the defined requirements.

In contrast, informal, open market buying does not require written specifications and is more flexible, relying on verbal quotes or estimates. Group or co-op purchasing involves multiple buyers pooling resources for larger volume procurement, while centralized purchasing refers to a single entity managing procurement for multiple departments or units, but may not necessarily focus on formal bid processes.