Offer to perform a contract by quoting the price for the materials or work, but with the right to reduce that price to meet the quotes made by others for the same job. In a governmental contract bid, a bidder using an open bid may agree to lower the quoted price if competitors outbid him.
Open Bid
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This entry contains information applicable to United States law only.
An offer to perform a contract, generally of a construction nature, in which the bidder reserves the right to reduce his or her bid to compete with a lower bid.
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 | Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
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