BICAMERAL CLAUSE
Bicameral Clause.The constitutional provision that creates the two legislative chambers of Congress. See U.S. Const. art. I, § 1. BID
bid,n.1. A buyer’s offer to pay a specified price for something that may or may not be for sale <a bid at an auction> <a takeover bid>.
best bid.The highest auction bid; in the letting of a contract, the lowest bid by a qualified
bidder. [Cases: Auctions and Auctioneers 7. C.J.S. Auctions and Auctioneers §§ 2, 8–17.]
bid in.A bid made by the owner of auctioned property to ensure that the property is not sold below actual value. [Cases: Auctions and Auctioneers 7. C.J.S. Auctions and Auctioneers §§ 2,
8–17.]
bid off.To purchase by bid at auction or judicial sale. [Cases: Auctions and Auctioneers 7.
C.J.S. Auctions and Auctioneers §§ 2, 8–17.]
upset bid.A bid in a judicial sale made for more than the purchaser’s bid so that the sale will
be set aside (i.e., upset). [Cases: Judicial Sales 19.]
- A submitted price at which one will perform work or supply goods <the subcontractor’s bid>. See BID-SHOPPING. — bid,vb. — bidder,n.
competitive bid.A bid submitted in response to public notice of an intended sale or purchase.
firm bid.A bid that, by its terms, remains open and binding until accepted or rejected. • A firm
bid commonly contains no unusual conditions that might defeat acceptance.
open bid.A bid that the bidder may alter after submission so as to meet competing bids.
sealed bid.A bid that is not disclosed until all submitted bids are opened and considered
simultaneously.[Blacks Law 8th]