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- Bidder
- The individual, partnership, or corporation, or combination thereof, acting directly or through an authorized representative, formally submitting a bid directly to the owner, as distinct from a sub-bidder, who submits a bid to a bidder.[2]
- Bid security
- Security is provided in connection with the submittal of a bid to guarantee that the bidder, if awarded or offered the contract, will execute the contract and perform the work. The requirements for the bid security are usually designated in a specific section of the bidding documents. The bid security is payable to the owner (usually around 5% of the total bid price) in the form of either a certified or bank check or a bid bond issued by a surety satisfactory to the owner. The bid security of the successful bidder is usually retained until the bidder has executed the agreement and furnished the required contract security, whereupon the bid security is returned. Bid security of the other bidders is returned after the bid opening.[2]
- Bid shopping
- An effort by a prime contractor to reduce the prices quoted by subcontractors and/or suppliers, by providing the bid price to other subcontractors or suppliers in an attempt to get the other subcontractors or suppliers to underbid the original price quoted. The reverse of this situation is when subcontractors try to get a better price out of a prime contractor. This is known as bid peddling.[2]
- Bidding documents
- The advertisement for bids, instructions to bidders, information available to bidders, bid form with all attachments, and proposed contract documents (including all addenda issued prior to receipt of bids).[2]
- Bidding requirements
- The advertisement for bids, instructions to bidders, supplementary instructions and all attachments therein, information to bidders and all attachments therein, and bid form and all attachments therein.[2]
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