Financial bids are opened — the L1/L2 ranking and the lowest price emerge at this stage.
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Financial bids — frequently asked questions
What is financial bid opening or price bid opening?
Financial bid opening is when the price (cover-2) bids of technically qualified bidders are opened. The L1 lowest bidder and the full L1/L2/L3 price ranking emerge at this stage.
Who is the L1 bidder or lowest bidder?
The L1 bidder is the lowest financial bidder, usually in line to be awarded the contract. BidEasy shows the L1/L2/L3 ranking and bid amounts after a free login.
What do L1, L2 and L3 mean in tenders?
L1, L2 and L3 are the lowest, second-lowest and third-lowest financial bids respectively. L1 is typically the bidder recommended for award.