Bid is a written or formal offer, or complete proposal in response to an ITB (Invitation to Bid), RFQ (Request for Quotation), or Inquiry. The Bid includes price, time frame, terms of sale, and description of goods and services to be supplied, usually in competition with other suppliers. (Also, called as the Tender (UK) or Proposal)
Related Definitions in the Project: The Project Proposal; Project Contract; Procurement
