Formal Competition
Formal competition means the government's formal, rule-oriented process for procuring goods and services. As practiced until recently, formal competition, which includes Invitation For Bids (IFBs) and Requests For Proposals (RFPs), involved notice of the competition to the vendor community, a deadline by which to submit bids (in the case of IFBs) or offers (in the case of RFPs), evaluation of the bids or offers, and finally source selection. The system was good at giving interested businesses a shot at getting awards, but was admittedly slow and contentious.
Nowadays, formal competition is as relevant to government contracting as formal dancing is to rock n' roll music. As the government has moved away from fixed specifications and specialty items to commercially available goods and services, the need for large, formal competitions has faded fast. Even then, on occasion you'll find yourself with a formal, multi-million dollar solicitation in your hand, so you still need to know about formal competition.
The "GAO Bid Protest and Debriefing Procedures" article covers some of the grounds for filing a protest and how to get a debriefing if you lose. In "Filing a Timely Protest," the all-important filing deadlines are discussed Ñ miss them at your peril. In "Bid Protests: What Happens After Filing," the bid protest process is described. And "Bid Protests Update" sets forth interesting statistics on the decline and recent resurgence in GAO bid protests.