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bid definition - legal

n

An offer to pay a specific price for something.

n

An offer to perform work or supply services at a specific price.

v

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.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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