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Simple English definitions for legal terms
firm bid
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A quick definition of firm bid:
A firm bid is an offer made by a buyer to pay a specific price for something that may or may not be for sale. It is a binding offer that remains open until it is either accepted or rejected. A firm bid usually does not have any unusual conditions that might prevent its acceptance. This is different from an open bid, which can be altered after submission to meet competing bids, or a sealed bid, which is not disclosed until all submitted bids are opened and considered simultaneously.
A more thorough explanation:
A firm bid is an offer made by a buyer to pay a specific price for something that may or may not be for sale. It is a bid that remains open and binding until it is either accepted or rejected. A firm bid usually does not contain any unusual conditions that might prevent acceptance.
- At an auction, a bidder makes a firm bid of $10,000 for a painting. This bid remains open and binding until the auctioneer accepts or rejects it.
- A construction company submits a firm bid of $500,000 to build a new office building. This bid remains open and binding until the company is either awarded the contract or the bid is rejected.
These examples illustrate how a firm bid is an offer that remains open and binding until it is either accepted or rejected. It is a way for buyers to make a serious offer and show their commitment to purchasing something.