Contract Bid
/ˈkɒntrækt bɪd/
Definitions
- (n.) A formal offer submitted by a party to undertake work or supply goods under specified terms in response to an invitation from a contracting authority.
The company submitted the lowest contract bid for the government infrastructure project.
- (n.) The price or terms proposed by a party in a contract bid process, often subject to evaluation before awarding the contract.
Their contract bid was rejected due to failure to meet the technical specifications.
Forms
- contract bids
Related terms
See also
Commentary
The term 'contract bid' often occurs in public procurement and construction law contexts; clarity in bid submission procedures and terms is essential to avoid disputes.
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.