What is Bid Price?

Legal Definition
A bid price is the highest price that a buyer (i.e., bidder) is willing to pay for a good. It is usually referred to simply as the "bid".

In bid and ask, the bid price stands in contrast to the ask price or "offer", and the difference between the two is called the bid–ask spread.

An unsolicited bid or purchase offer is when a person or company receives a bid even though they are not looking to sell.
-- Wikipedia
Legal Definition
The price a bidder offers for a job only valid in a specific time.