A bid is a formalized proposal that a contractor submits to a potential client for a construction project, often in response to a bid solicitation. The bid outlines the scope of work, the materials and resources required, the estimated costs, and the timeline for completion.
The bid also serves as a contractual offer and typically includes terms and conditions that the client must accept before the project can begin. Potential clients often review receive bids from multiple contractors, enabling them to select the most suitable and cost-effective proposal for their project.
Related Terms: Bid Selection, Bid Package, Bid Solicitation
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