Irrevocable Bid definition

Irrevocable Bid means a Bid or Proposal, whereby the Bidder and the Municipality are bound by a contractual obligation· under both expressed terms of the Bid Request and implied terms based on the laws of competitive procurement. The inclusion of Bid deposit or Bid Bond in a Bid Request is the means or normal method by which the Municipality obtains an Irrevocable Bid.
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Examples of Irrevocable Bid in a sentence

  • An Irrevocable Bid Letter of Credit used as bid security must be issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation on a form obtained from the Division.

  • See additional discussion on the public concerns in the comments and responses below.

  • An Irrevocable Bid ODOT Solicitation – 2/2021 SOLICITATION PACKAGE PAGE 11Letter of Credit used as bid security must be issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation on a form obtained from the Division.

  • Maintenance Agreement drawn up by an Irrevocable Bid for the provision of long term services (Bid no.

  • The Deposits of Qualified Bidders not selected as a Successful Bidder shall be returned to such bidders within five (5) Business Days of the date upon the earlier of the Irrevocable Bid Date or (ii) the date that this SISP is terminated.

  • Parts Sale Agreement drawn up by a Long Term Irrevocable Bid for the Sale of Program Parts and Other Accessories and Services Abroad (Bid no.

  • 𝖪 Irrevocable Bid If a party has provided Phillips with an irrevocable bid ahead of the sale at a level which ensures the Lot will sell, we designate the lot with the symbol 𝖪.

Related to Irrevocable Bid

  • Acceptable bid means any bid which, in all respects, complies with the conditions of bid and specifications as set out in the bid documents.

  • Competitive Bid means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

  • Notice of Borrowing has the meaning specified in Section 2.02(a).

  • Notice of Loan Prepayment means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit 2.05 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.

  • Responsive Bid means a Bid that complies with each of the provisions of this RFB, or is either an alternative bid or a bid with an exception, if accepted by the Agency.

  • Alternative Bid means a response to a bid that does not meet the exact requirements of the specification but offers an alternative for consideration. An alternative bid is submitted with an intentional variation to a provision, specification, term or condition of the solicitation. This alternative, in the opinion of the bidder, achieves the same end result. Alternative bids may be rejected as non-responsive.

  • Competitive Bid Quote Request means the notice, in substantially the form of Exhibit C hereto, to be delivered by the Company in accordance with Section 2.03 in requesting Competitive Bid Quotes.

  • Notice of Competitive Bid Borrowing has the meaning specified in Section 2.03(a).

  • Competitive Bid Accept/Reject Letter means a notification made by the Borrower pursuant to Section 2.03(d) in the form of Exhibit A-4.

  • Prospective bidder means anyone likely or desirous to be a bidder.

  • Competitive Bid Note means a promissory note of the Borrower payable to the order of any Lender, in substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of the Borrower to such Lender resulting from a Competitive Bid Advance made by such Lender.

  • Responsive bidder means a person who has submitted a bid that conforms in all material respects

  • Notice of Acceptance means the written notification and any accompanying documentation sent to the Consultant by the Principal advising acceptance of its Tender to provide the Services under the Contract.

  • Competitive Bid Rate means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid.

  • Borrowing Notice is defined in Section 2.8.

  • Bid Loan Lender means, in respect of any Bid Loan, the Lender making such Bid Loan to the Borrower.

  • Acceptance and Prepayment Notice means a notice of the Borrower’s acceptance of the Acceptable Discount in substantially the form of Exhibit M.

  • Applicable Agent means (a) with respect to a Loan or Borrowing denominated in US Dollars or any Letter of Credit, and with respect to any payment hereunder that does not relate to a particular Loan or Borrowing, the Administrative Agent and (b) with respect to a Loan or Borrowing denominated in any Alternative Currency, the London Agent.

  • Loan Request means a Loan request and certificate duly executed by an Authorized Officer of the Borrower substantially in the form of Exhibit B hereto.

  • Eligible bidder means a person who is:

  • Competitive Bid Loan means a Competitive Bid LIBOR Loan or a Competitive Bid Absolute Rate Loan.

  • Base Bid means a Bid for Public Works to be performed or Supplies or Services to be furnished under a City Contract, including additives, alternates, deductives, excluding force accounts, and taxes collected separately pursuant to Washington Administrative Code (“WAC”) 458-20-171.

  • Competitive Bid Request means a request by the Borrower for Competitive Bids in accordance with Section 2.04.

  • Applicable Borrower means, with respect to any Loan or other amount owing hereunder or any matter pertaining to such Loan or other amount, whichever of the Borrowers is the primary obligor on such Loan or other amount.

  • Notice of Loan means a Notice of Loan in the form of the attached Exhibit C.

  • Competitive Bid Borrowing means a borrowing consisting of simultaneous Competitive Bid Advances from each of the Lenders whose offer to make one or more Competitive Bid Advances as part of such borrowing has been accepted under the competitive bidding procedure described in Section 2.03.