👉 Underbids in the context of procurement, specifically within a bidding process for goods or services, refers to an offer that is not accepted by the supplier. This means the bidder has made a non-binding offer and the supplier has responded with an acceptance offer. Underbids can be seen as a form of counter-offer, where the bid was initially rejected but subsequently increased in value due to a lack of interest from other bidders.
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What is the definition of Underbidding? 🙋
👉 Underbidding is a common practice in bidding for contracts or goods where one bidder, known as the "bidder," bids for more than what they are willing to pay. This can lead to a bidding war and a high price tag, as there are many bidders vying for the contract. In simpler terms, it's like when you're trying to buy a toy, but your friend is also offering to buy it at half the original price! The bidder who wins the game gets
What is the definition of Underbidders? 🙋
👉 In the context of business and finance, an "underbidder" refers to a bidder who bids below the market price for goods or services. This is akin to a buyer who buys at a lower price than they would in the open market. Underbidding can be seen as a strategy where the underbidder aims to take advantage of the seller's uncertainty by taking on more risk, which could lead to an increase in their bid if the actual sale price is higher than what they were bidding
What is the definition of Underbidder? 🙋
👉 The term "underbidder" is a legal term that refers to a person who bid on or purchased property in an auction, where the highest bidder wins the property. This can occur when multiple bidders place bids at the same time and one of them wins the property. The term is often used in the context of real estate transactions to describe someone who has successfully bid on a home or property for sale.
What is the definition of Underbid? 🙋
👉 Underbid is a technique in bidding on online auctions, where the seller agrees to pay the lowest price that they are willing to accept. This means that if the buyer's offer is below the current bid price, the seller will not make any payment until the auction ends and the highest bidder has been notified.
