ICB is one of several forms of procurement made with World Bank financing. While the World Bank provides financing from its loans for the contracts and ensures that agreed procurement procedures are observed, the borrower, not the World Bank, is always responsible for procurement. ICB requires that: (a) all goods or works to be procured through ICB be internationally advertised through the United Nations (in the publication: Development Business) and at least one major local newspaper; (b) bids be entertained in the bidder's or other currencies in which expenses would normally be occurred on in an international currency specified by the borrower; (c) payments be made in the currencies in the bids, without requirement to accept any portion of payment in countertrade; (d) documents be in an international language (English, French, or Spanish); (e) bids be openly reviewed; and (f) contracts be awarded to the lowest evaluated responsive bid. ICB permits a margin of preference to be given to domestic goods and, under certain conditions, to domestic contracting services in developing countries. See: International Business Opportunities Service Limited International Bidding Local Competitive Bidding

·noun One who bids or offers a price.

Command, order, direction, injunction, precept, behest, requisition, mandate, appointment.

Offer (of a price), bid, proposal.