What does adequate competition mean?

adequate competition meaning in Law Dictionary

competitors that involves several bidders that may comply with the agreement and can pay when they win the quote.

adequate competition meaning in Business Dictionary

In bidding and contracting plans, adequate competitors is present if (1) bids tend to be solicited from at the very least two 'responsible bidders,' (2) every one of who can match the agreement's requirements independently, and (3) both contend for a contract that will be claimed because of the bidder just who submits the cheapest assessed cost.