Bid Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Bid, written in plain English, along with examples of how it is used.

What is Bid?

(n) Bid is the price, cost or value proposed by a person for a property, article, service etc when a request is made to the public for offering their rate and conditions for dealing in such property, article or service. Bid is an offer and hence it need to be accepted to make a valid contract.