# Bid

**IRI:** https://folio.openlegalstandard.org/RiQHdRDZfaAIOlPy9vfwB8

## Labels

**Preferred Label:** Procurement Proposal

**Alternative Labels:**

- Offer
- Proposal
- Tender

## Definition

A Bid refers to a formal offer submitted by an individual or entity to undertake a specific project or provide certain goods or services at a stated price, often in response to an invitation to bid or request for proposal. This process is commonly used in public and private sector procurement to ensure competitive and fair selection of contractors or suppliers.

## Sub Class Of

- https://folio.openlegalstandard.org/RdfKnWpXsG2eBmnS3oJNTF

## See Also

- https://folio.openlegalstandard.org/R73DJPQnmrqO90OL7OBDZJU

**Deprecated:** False