Rebid Meaning: Definition, Examples, and Translations
๐
rebid
[หriหหbษชd ]
Definition
bidding process
To rebid is to submit a new or revised bid, typically in response to changes in project requirements or cost estimates. This could occur in various scenarios such as construction contracts, procurement situations, or auction contexts. Rebidding may happen when initial bids do not meet budgetary expectations or when conditions have changed significantly since the original bid was submitted.
Synonyms
Examples of usage
- The contractor decided to rebid after reviewing the project costs.
- Due to unforeseen circumstances, the company had to rebid the procurement contract.
- After the initial bidding failed, the committee opted to rebid the project.
Translations
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Interesting Facts
Business
- In procurement, a rebid can happen when an initial offer is too high, prompting a company to seek better pricing.
- Organizations may rebid contracts to ensure they receive the best value, allowing for more competitive market conditions.
Law
- In legal contexts, rebidding may occur in public contracts if initial proposals do not comply with regulations or standards.
- Judicial systems sometimes require a rebid process to ensure transparency and fairness in awarding contracts.
Technology
- In the tech industry, platforms may implement rebidding in online advertising auctions to allow advertisers to adjust bids according to campaign performance.
- Renewable energy sectors often see rebids for projects as technology advances and costs fluctuate over time, enabling better investments.
Economics
- Rebidding can be a sign of market fluctuations, indicating a change in demand or supply that impacts pricing strategies.
- Studies show that rebidding strategies in auctions can maximize revenue for sellers and create competitive advantages in various industries.
Origin of 'rebid'
Main points about word origin
- The prefix 're-' comes from Latin, meaning 'again' or 'back,' while 'bid' has roots in Middle English, meaning to offer a price.
- The term has been used in formal contexts, particularly in business and auctions, since the late 20th century as markets became more competitive.
The term 'rebid' comes from the prefix 're-', which means 'again' or 'back', and the word 'bid', which is derived from the Old English 'byde', meaning to offer or to order. The concept of bidding has historical roots in trade and commerce, where parties would present their offers to acquire goods, services, or properties. As procurement processes and competitive bidding became more structured, especially during the industrial revolution, the need for the term 'rebid' emerged to indicate the action of resubmitting offers when initial bids were not satisfactory. It reflects the dynamic nature of negotiations in various sectors, including construction, public contracts, and auctions, where conditions and requirements frequently evolve.