Open Bid

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.

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.