Open Bid

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Open Bid

A bid in which the bidder may change the amount offered. For example, suppose a construction company makes an open bid to complete a project for $150,000. If a competing company makes a bid for $130,000, the first company reserves the right to revise its bid downward in hope of being awarded the contract.
References in periodicals archive ?
7 of them finalized on open bid to winners contractors while 6 others will be re open against so as to attract contractors with below rates.
But before the new terms and conditions could be discussed with IHC, the urban development ministry intervened directing the NDMC to invite open bids.
Most projects are awarded through open bids for tenders," explains Frost & Sullivan Industry Manager Sath Rao.
The county Department of Public Works will open bids May 8 to contract the projects.