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 and Auctioneers §§ 2, 8–17.]
bid in. A bid made by the owner of auctioned property to ensure that the property is not sold below actual value. [Cases: Auctions and Auctioneers
7. C.J.S. Auctions and Auctioneers §§ 2, 8–17.]
bid off. To purchase by bid at auction or judicial sale. [Cases: Auctions and Auctioneers
7. C.J.S. Auctions and Auctioneers §§ 2, 8–17.]
upset bid. A bid in a judicial sale made for more than the purchaser’s bid so that the sale will be set aside (i.e., upset). [Cases: Judicial Sales 19.]
2. A submitted price at which one will perform work or supply goods (the subcontractor’s bid). See BID-SHOPPING. — bid, vb. — bidder, n.
competitive bid. A bid submitted in response to public notice of an intended sale or purchase.
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.
open bid. A bid that the bidder may alter after submission so as to meet competing bids.
sealed bid. A bid that is not disclosed until all submitted bids are opened and considered simultaneously.
