Lowest Bid
/ˈloʊɪst bɪd/
Definitions
- (n.) The lowest price offered by a bidder for a contract or purchase in a competitive bidding process.
The contractor was awarded the project because they submitted the lowest bid.
Forms
- lowest bid
Related terms
See also
Commentary
The term is most relevant in procurement and contract law contexts, where the lowest bid often determines the contract award, subject to terms and qualifications.
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.