Bid

Bid is a term with several related meanings. As a noun, it denotes an offer of a price or terms to buy or obtain something, or a formal attempt to achieve a particular result, such as a bid for a contract or political office. As a verb, bid means to offer a price or terms, to command or invite action, or to say farewell in set phrases like bid adieu.

In auctions, a bid is an offer submitted by a participant to purchase the item under set rules. Bids may be placed openly in an auction room or through sealed tender processes. The auctioneer or evaluator determines the winning bid, typically the highest price that meets any reserve or rule requirements. In many markets bids must follow increments, and bidders may be required to provide security or deposit; bids once placed are binding according to the rules.

In procurement and construction, bidding refers to a competitive process for selecting a contractor or supplier. Organizations issue requests for proposals or bids; suppliers submit price and terms; bids are evaluated against criteria such as price, capability, and timeline. The contract may be awarded to the bidder whose proposal offers the best value, not necessarily the lowest price, and bids often include performance bonds, warranties, and terms.

In card games such as bridge, bidding is the process of declaring the contract by successive bids. More broadly, to bid for something means to attempt to win or undertake it, as in bidding for a job or a title. The phrase bid farewell is a formal way to say goodbye.