open bid
A bid that the bidder may alter after submission so as to meet competing bids.
Search Results for: open bid
opening the bidding
opening the bidding. In a sheriff’s sale of real property, the unethical practice of setting aside the concluded sale to accept a better post-sale offer. — Also termed opening bidding.
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bid
bid, n. 1. A buyer’s offer to pay a specified price for something that may or may not be for sale (a bid at an auction) (a takeover bid). best bid. The highest auction bid; in the letting of a contract, the lowest bid by a qualified bidder. [Cases: Auctions and Auctioneers 7. C.J.S. Auctions
firm bid
A bid that, by its terms, remains open and binding until accepted or rejected. • A firm bid commonly contains no unusual conditions that might defeat acceptance.
sealed bid
A bid that is not disclosed until all submitted bids are opened and considered simultaneously.
shrink wrap license
A license printed on the outside of a software package to advise the buyer that by opening the package, the buyer becomes legally bound to abide by the terms of the license. • Shrink-wrap licenses usu. seek to (1) prohibit users from making unauthorized copies of the software, (2) prohibit modifications to the software, (3)
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