What characterizes the Low Bid procurement process?

The Low Bid procurement process is primarily characterized by price as a factor in the final selection criteria. In this approach, the main focus is on obtaining the lowest possible bid from contractors or suppliers for a project. The intention is to ensure cost-effectiveness and budget adherence, which is why the lowest bid is selected, assuming it meets all the required specifications and qualifications.

While elements such as time, quality, and innovation are significant in project delivery, they do not define the essence of the Low Bid process. This method typically involves less emphasis on qualitative aspects, as the primary goal is to minimize expenditure, leading to potential risks regarding quality or innovation in the project outputs. Hence, the emphasis is squarely on the financial aspect, making this the key characteristic of the Low Bid procurement process.