Bid Price
/ˈbɪd ˌpraɪs/
Definitions
- (n.) The highest price a buyer is willing to pay for a good, service, or asset in a legal contract or auction context.
The bidder's bid price was the determining factor in awarding the government contract.
Forms
- bid price
- bid prices
Related terms
See also
Commentary
In legal contexts, bid price is critical for understanding obligations and rights in contracts and auctions where bidding is involved.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.