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Related Definitions Letting or Let means the process of receiving bids prior to any award of a Construction contract for any portion of the Project.
Bid Notice means any advertisement by which eligible providers are invited to submit written offers to provide works, services and supplies, or any combination thereof.
Bid Instructions, or Instructions to Bidders, is a document issued by the investment bank running a competitive auction process that contains all the requirements, expectations, procedures and other information deemed necessary to aid bidders in presenting their bids.
You fill out the bid contract and all other required documents including how much you would charge for the project. It is then turned in to the requesting company in a sealed envelope. All bids have a deadline that cannot be crossed. Once the deadline date and time is up, no other bids will be accepted.
An example of bid is an amount of money offered to purchase a house. Bid is defined as command or to offer a certain sum of money for something. An example of bid is to instruct an army to move forth in their attack. An example of bid is to offer $500 for a piece of jewelry at an auction.
Someone should take complete notes and send to all bidders, whether or not they were in attendance. Must be submitted before deadline in writing over signature of bidder, with change so worded as not to reveal the amount of the original bid.
Notice to Bidders - That portion of the contract documents, prepared and furnished by the Contracting Authority for the information of bidders submitting proposals, which notice specifies provisions, requirements, and instructions pertaining to the method, manner, and time of submitting bids.
Statewide Letting Letting is the official receipt and opening of bids and determination of the apparent low bidder. TxDOT conducts its statewide low-bid construction and maintenance contract letting in Austin on two consecutive days each month.
A supplement to the proposal package covering additions, corrections, or changes in the bidding conditions for the advertised work that is issued by the department to prospective bidders before the date and time for the opening of proposals.
Bidding Documents - includes the Invitation to Bid, Instructions to Bidders, Bid Form, Subcontractor List, sample bidding and contract forms, proposed Contract Documents as defined in the General Conditions and any Addenda issued prior to receipt of bids.