bid definition

bid

General: Indication of willingness to buy or sell goods or services or to undertake a task, at a specific price and within a specific timeframe.

Contracting: Complete proposal (submitted in competition with other bidders) to execute specified job(s) within prescribed time, and not exceeding a proposed amount (that usually includes labor, equipment, and materials). The bid-receiving party may reject the bid, make a counter offer, or turn it into a binding contract by accepting it. See also offer and proposal.

bid is in the Agreements & Contracts, Purchasing & Procurement and Securities & Futures Trading subjects.

bid appears in the definitions of the following terms: conceptual cost, approved-brands specification, informal bid, bid shopping, cost realism analysis, market price, purchasing agent, rejected bid, competitive bidding, stock exchange and

bid appears in the other terms: bid division description, bid opening, approved bidders list, London Interbank BID (LIBID) rate, bid and proposal (B&D) costs, closed competitive bidding, lowest responsible bidder, bid requirements, bid form, bid price and

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