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.

Related terms

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.

Closing date

The date and time by which bids must arrive. Late bids are almost always rejected, even by a minute, so most firms submit a day early.