What does rebid mean?
The term rebid refers to the act of making a new or repeated bid, often in a competitive setting such as an auction or a contract negotiation. This can occur when an initial bid is rejected, or when a company seeks to improve its chances of winning a deal by offering better terms. As a verb, rebid involves resubmitting a bid, usually with adjustments to price or conditions. The noun form refers to the new bid itself. Rebid is commonly used in business and finance, particularly in procurement and contracting. Understanding the concept of rebid is essential for companies engaged in competitive bidding processes, as it can significantly impact their chances of securing a deal.
To make a new bid, typically in response to a previous bid or rejection.
"The company will rebid on the project next week."
A new or repeated bid, often with adjusted terms or price.
"The rebid was $10,000 lower than the initial bid."
The plural form is used when referring to multiple instances of rebidding or new bids.
"The company submitted several rebids for different projects last quarter."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Etymology of rebid
The word rebid is derived from the prefix re-, meaning 'again' or 'anew', and bid, which comes from Old English 'biddan', meaning 'to ask, request, or offer'. The term has been in use since the 15th century, initially in the context of auctions and negotiations.
Usage notes
Commonly used in business, finance, and procurement contexts. The term can imply a more competitive or desperate attempt to secure a deal.