Nolo's Plain-English Law Dictionary

Bid

An offer to pay or charge a specific price, under set terms, for an item or service. People make bids at auctions, at which the highest offer wins. The term is also used to refer to a contractor's offer to build a project or sell goods or services at a given price and other terms, with often the lowest bidder getting the job.
NOLO2:DRU1.6.8.11.20160427.37128