A contractor's formal price offer to complete a construction project.
A bid is a formal offer submitted by a contractor specifying the price and terms under which they will perform a defined scope of construction work. Bids are submitted in response to bid documents issued by an owner or general contractor. A bid represents a binding offer for a specified period after submission.
Three contractors submitted bids ranging from $1.2M to $1.6M for the warehouse renovation project.
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