licitation Definition
- 1the act of bidding on something, especially in an auction
- 2the process of inviting bids for a contract or project
Using licitation: Examples
Take a moment to familiarize yourself with how "licitation" can be used in various situations through the following examples!
Example
The licitation for the construction project will be held next week.
Example
The painting was sold at a licitation for a record-breaking price.
Example
The company won the contract through a licitation process.
Example
The licitation attracted many bidders.
licitation Synonyms and Antonyms
Synonyms for licitation
Phrases with licitation
an open and transparent bidding process that allows any interested party to participate
Example
The government decided to hold a public licitation for the construction of the new highway.
a bidding process where the bids are submitted in sealed envelopes and opened at a later time
Example
The company requested a sealed licitation for the supply of raw materials.
a procurement process where the suppliers submit proposals to meet the buyer's needs
Example
The organization used a reverse licitation to find a supplier for their IT services.
Origins of licitation
from Latin 'licitare', meaning 'to entice or lure by tempting with something desirable'
Summary: licitation in Brief
The term 'licitation' [laɪsɪˈteɪʃən] refers to the act of bidding on something, such as in an auction, or the process of inviting bids for a contract or project. It includes phrases like 'public licitation,' which is an open and transparent bidding process, and 'reverse licitation,' which is a procurement process where the suppliers submit proposals. Examples of licitation include winning a contract through a licitation process or participating in a licitation that attracts many bidders.
