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bid legal definition
noun
An offer to pay a specific price for something.
noun
An offer to perform work or supply services at a specific price.
verb
The act of submitting an offer to buy.
firm bid
A bid that is publicly announced when made and that is binding and
cannot be revised until it is accepted or rejected.
open bid
A bid that is publicly announced when made and that the bidder may repeatedly
revise as competing bids are announced.
sealed bid
A written bid that
is secret and not disclosed until all submitted bids (which are also written
and secret) are simultaneously opened and considered.
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