Pursuant to Kentucky Revised Statute 45A.345 (8), “"Evaluated bid price" means the dollar amount of a bid after bid price adjustments are made pursuant to objective measurable criteria, set forth in the invitation for bids, which affect the economy and effectiveness in the operation or use of the product, such as reliability, maintainability, useful life, residual value, and time of delivery, performance, or completion.”
If the district intends to award a contract to the vendor whose offer, conforming to the solicitation/ invitation for bids, is the most advantageous on the basis of "lowest evaluated bid price" for all products, services and requirements, they may use this document to assist in the creation and evaluation of a solicitation. This method should only be used in circumstances where the evaluation criteria are meaningful to the outcome of the process. A district could end up paying more for an item, for example, if they require and score a delivery date, when it may not be necessary to receive it in a shorter time frame.
Evaluated Bid Price
Office of Finance and Operations
Division of Budget and Financial Management
300 Sower Blvd., 5th Floor
Frankfort, KY 40601