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n. an offer to purchase with a specific price stated. It includes offers during an auction in which people compete by raising the bid until there is no more bidding, or contractors offer to contract to build a project or sell goods or services at a given price, with usually the lowest bidder getting the job. (See: contract)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

BID, contracts. A bid is an offer to pay a specified price for an article about to be sold at auction. The bidder has a right to withdraw his bid at any time before it is accepted, which acceptance is generally manifested by knocking down the hammer. 3 T. R. 148; Hardin's Rep. 181; Sugd. Vend. 29; Babington on Auct. 30, 42; or the bid may be withdrawn by implication. 6 Penn. St. R. 486; 8, Id. 408. Vide 0@ffer.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The Signal uses a proprietary model to predict declines in the National Best Bid (NBB) or increases in the National Best Offer (NBO) before those changes occur and are communicated to market participants.
Boyle said: "It did appear that England had the best bid.
This may sound like sour grapes, but England had the best bid. The best stadiums.
"We are confident that we have put in the best bid that we can do.
England was the best bid before Triesman's remarks were published on Sunday and it's still the best bid now.
Three companies submitted their bids: Chakan GES (Kyrgyzstan), GES-Energo Almaty (Kazakhstan), Yakutgidrospetstroi (Russia).The tender commission selected Chakan GES as winner of the investment tender that made the best bid and the highest price of the government stake in the amount of US$3 million.
The alternative uptick rule would allow short selling only at an increment above the national best bid. As a result, the Commission has reopened the comment period for 30 days--the original comment period for the proposals issued in April ended June 19--in order to receive input specifically on this alternative.
Potential price improvement opportunities for trades are also increased as external liquidity providers either execute orders at or within a defined EBBO (European Best Bid or Offer) or at the mid price of the PBBO (Primary Best Bid or Offer).
The best bid from contractors for the fourth phase would be selected soon and referred to the Executive Board for approval.
Whatever decision they finally come to the final say will ultimately lie with the Government, but having decided to make a bid then surely we owe it to ourselves to make it the best bid we can possibly put together?
The reasons behind the NEC bid being the unquestionably best bid were comprehensively stated by Mr Andrew Morris, not least of which is the fact that the revenue generated would be fed back to the council to continue to develop our world-class city.
The Pertemps boss said Birmingham Sports Village was "the best bid for jobs and regeneration" and hailed the scheme as "the best bid in the whole of the country".