Bid

A supplier’s formal offer in response to a tender: the written answers, the price and any forms the buyer asks for. Once the deadline passes, a bid usually cannot be changed.

Also called: Proposal, Submission, Offer

Related terms

Tender

A public buyer’s formal invitation for suppliers to offer to do a piece of work, and the offer a supplier sends back. Tenders set out what is needed, how bids will be scored and the deadline.

Bid validity period

How long a supplier’s offer must stay open for the buyer to accept, often 90 to 180 days after the closing date. Prices and staff named in the bid are held for that time.