lump sum bid definition

lump sum bid

Single bid that covers (without providing a cost breakdown) all cost, such as for equipment, labor, material, overheads, and services. It also includes the contractor's fee (profit) for completing the items of work comprising the job.

lump sum bid is in the Agreements & Contracts and Purchasing & Procurement subjects.

This content can be found on the following page:

http://www.businessdictionary.com/definition/lump-sum-bid.html