What does "sole source" contracting entail?

Sole source contracting refers to a procurement method utilized when only one supplier possesses the capability to fulfill the specific requirements of a project or contract. This method is typically used in situations where the goods or services needed are unique, proprietary, or where the supplier has specialized skills, knowledge, or resources that others do not.

The rationale behind sole source contracting is efficiency, as it eliminates the need for a lengthy competitive bidding process that would be unnecessary when there is no competition due to the uniqueness of the offering. This approach can expedite the acquisition process and therefore can be beneficial in urgent situations where time is of the essence or when specific expertise is required that only one supplier can provide.

In contrast, the other options suggest scenarios involving multiple suppliers or competition, which is antithetical to the essence of sole source contracting. Thus, the correct answer effectively captures the nature and purpose of this procurement method.