He said contracts would not necessarily be awarded to those offering the lowest bid.

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Mr Kerr said tendering for the provision of public services has moved on from the days when the lowest bid would win to a position now where both price and quality were given equal consideration.

BBC: Roadworks drill

The annual premium-support payment would be set at the second-lowest bid, and seniors who chose the cheapest plan would keep the difference.

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In 1994, the Argentine government gave a 20-year operating contract to the company that bid for the lowest subsidy.

ECONOMIST: The end of the tunnel

They left out works put up for auction that failed to fetch their reserve price the auctioneer's lowest acceptable bid for the work.

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Midpoint promises a price advantage to traders, since right now sell orders are done at the highest bid and buys are done at the lowest offer.

FORBES: Magazine Article

Prosper, another such venture, operates competitive auctions in which lenders bid to offer borrowers the lowest interest rates.

FORBES: Magazine Article

Funds with the highest costs produce the lowest returns, as client money is absorbed in charges and bid-offer spreads.

ECONOMIST: The rights of shareholders and the wrongs done to clients

Boeing was chosen as the preferred vendor for the heavy-lift helicopter contract after its bid was found to be lowest of two competing companies.

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