Compensatory Time, Competent, Competition, Competitive Bid :




Compensatory Time : the time, which an employee is allowed to take off counterbalancing thereby, the time for which he has worked overtime



Competent : usually, an employee or a vendor who has the ability to perform a certain task : a person who is able to form contracts and enter into contracts after being able to understand the terms and conditions fully, thereby, proving him to be mentally sound and mature



Competition : When two or more sellers are selling a homogenous product in the same market so that the balance of the market cannot be altered considerably by any one seller or buyer



Competitive Bid : when at a particular stated price, a seller offers to sell a specified quantity of the product. All the bids are closed and sealed and opened together so that every bid gets an equal opportunity.




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