Awarded contracts mean that a bidding system took place and that a company won, or was awarded, the job. Both government and private sector companies award business.
For large expenditures of public funds, government bodies usually must use a bidding process. In the awarding of public contracts, the public body invites bids or makes “requests for proposals” so that it can award the contract to the bidder who qualifies under the terms of the governing statute. The submission of a bid in response to an invitation is considered an offer, and although it may not be freely withdrawn prior to acceptance, it does not become a contract unless and until such time as it is accepted by the proper public authority.
To track government awarded contracts in real-time, stock traders can use these websites:<< Back to Glossary Index