bid

An offer by an intending purchaser to pay a designated price for property which is about to be sold at auction. An offer to perform a contract for work and labor or supplying materials or goods at a specified price.

Public contracts are frequently awarded on basis of submitted competitive bids.

See also firm bid

- invitation to bid

- let

- lowest responsible bidder

- open bid

- sealed bid.

Term may also refer to application for another job by an employee

@ best bid

One that is not necessarily the lowest, but rather fits the best interests of the issuer of the bid; taken into consideration is the solvency of the bidder, quality of his work, reputation, etc

@ bidder

One who makes a bid. One who offers to pay a specified price for an article offered for sale at a public auction or to perform a certain contract for a specified price.

See also responsible bidder

- bid

- biddings

- bidding up

- bid in

- bid off

- by-bidding

@ biddings

Offers of a designated price for goods or other property put up for sale at auction

@ bidding up

Raising the price for an item being sold at an auction by a series of bids, each higher than the other. If such successive bids are made collusively by persons with an interest in raising the final bid, such practice is unlawful

@ bid in

Property sold at auction is said to be "bid in" by the owner or an incumbrancer or some one else who is interested in it, when he attends the sale and makes the successful bid. This is done so that property is not sold below actual value

@ bid off

One is said to "bid off a thing when he bids for it at an auction sale, and it is knocked down to him in immediate succession to the bid and as a consequence of it

@ by-bidding

In the law relating to sales by auction, this term is equivalent to "puffing." The practice consists in making fictitious bids for the property, under a secret arrangement with the owner or auctioneer, for the purpose of misleading and stimulating other persons who are bidding in good faith.

See also bid

@ open bid

Offer to perform a contract together with the price, but with right to reduce the price to meet price quoted by others for same job.

+ open bid

An offer to perform a contract, generally of a construction nature, in which the bidder reserves the right to reduce his bid to compete with a lower bid

@ sealed bid

One submitted under seal, and which is not to be opened until a specified time at which all bids are to be opened and compared. Commonly required on construction contracts, to assure independence of bidding.

+ sealed bid

A method for submitting a bid to buy or to perform work on a proposed contract. In general, each party interested submits a bid in a sealed envelope, and all such bids are opened at the same time and the most favorable responsible bid is accepted

@ upset bid

A bid made after a judicial sale, but before the successful bid at the sale has been confirmed, larger or better than such successful bid, and made for the purpose of upsetting the sale and securing to the "upset bidder" the privilege of taking the property at his bid or competing at a new sale

@ upset bidder

See upset bid

@ bid and asked

Price quotation for securities that are not frequently traded or are traded on the over-the-counter. The bid quotation is the highest price a prospective buyer is willing to pay at a particular time; the asked quotation is the lowest price the seller is willing to sell for. Together, the two prices constitute a quotation; the difference between the two prices is the "spread."

@ bid bond

Type of bond required in public construction projects which must be filed at the time of the bid and which protects the public agency in the event that the bidder refuses to enter into a contract after the award to him or withdraws his bid before the award. A type of indemnity bond

@ bid price

In market exchanges, the price a buyer is willing to pay, as contrasted with the price at which a seller is willing to sell; called the "ask price". Also, the amount specified in a bid as the amount for which the bidder will perform the work or buy the property

@ bid quote

Price at which one (usually a broker or dealer) is willing to purchase a security (or commodity)

@ bid shopping

The use of the low bid already received by general contractor to pressure other subcontractors into submitting even lower bids. Southern California Acoustics Co. v. C.V. Holder, Inc., 71 C.2d 719, 79 Cal. Rptr. 319, 325, 456 P.2d 975

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