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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 Vend. 29; Babington on Auct. 30, 42; or the bid may be withdrawn by implication. 6 Penn.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 Federal Acquisition Regulation (FAR) requires that each contractor's proposal be analyzed to assure that the price paid by the government for goods or services is fair and reasonable.
The contractor's proposal contains an adequate description of its basis for direct labor hours, including sufficient rationale for engineering judgment and projections from prior work completed on similar programs.
The contractor's proposal, on the other hand, is usually well above the mark in terms of proposed cost.
* notify the contracting officer, lead agent, and others when the contractor's proposal is submitted and where it and supporting documentation is located.
In order to minimize concerns of whether the "adequate security" requirement is consistent with the government's expectations, it is important to ensure that the level of compliance is accurately addressed in the contractor's proposals and contracts for at least two reasons.
For example under a design and build route you may decide to produce only outline designs and allow the contractor to produce the detailed design within its contractor's proposals.
"DCMA should know more about the contractor's proposals and business systems than the contractor." This was DCMA's opportunity to level the playing field when it came to negotiations.
Moreover, the Air Force did not adequately consider Defense Contract Audit Agency (DCAA) and DCMA analyses of these purchases, which would have allowed the Air Force to better assess the contractor's proposals. For example, when purchasing ailerons, the Air Force did not obtain sales information for the aileron or similar items to justify Boeing's proposed price and did not consider DCMA analyses that showed a much lower price was warranted.

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