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 ?
The ministry said the military's group accident insurance was awarded to Union Insurance Company in an open bid. The bidding process complied with the law, and Chinese-funded companies were excluded from participation, it added.
These schemes were already E tendered before the elections.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.
Big names from the hospitality sector such as the Oberoi group, ITC, the Sahara Group and French hotel giant Accor have all expressed interest in the Mansingh Road property and the urban development ministry is believed to be backing the idea of open bids as well.
International Resource News-16 September 2009-PTT to open bids to buy natural gas pipe(C)2009 ENPublishing - http://www.enpublishing.co.uk
MULTAN -- :Water and Sanitation Agency (WASA) would open bids on Monday for installation of water meters at five big mineral and beverage factories situated in the city.