Bid Glossary Definition - Tradogram
Bid
Learn the definition of a bid in procurement. Discover its purpose, process, and importance in achieving competitive contracts.
A bid is a response from a supplier, submitted after receiving an Invitation to Quote (ITQ) or an Invitation to Tender (ITT) from a purchasing party. The bid response from the supplier includes detailed information about their pricing for goods, services, and delivery in relation to the purchasing party’s project. On Tradogram, bids can be received in response to a created request form that is submitted to one or more suppliers.
