Competitive negotiations entail inviting a small group of bidders to a structured negotiation. The bidders are aware of the presence of other bidders and there is pressure to obtain the best price. This arrangement is quicker and less expensive than full competitive process and can yield good prices. The selection of bidders to participate can be nontransparent and may not yield the best bidder pool. There is also an elevated risk of corruption. A time-consuming procurement process may be seen as an opportunity cost to the private sector. This needs to be weighed against the degree of and value to transparency.