Home > Terms > English, UK (UE) > Lump sum bid

Lump sum bid

Single bid that covers (without providing a cost breakdown) all cost, such as for equipment, labor, material, overheads, and services. It also includes the contractor's fee (profit) for completing the items of work comprising the job.

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  • Part of Speech: noun
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  • Industry/Domain: Law
  • Category: Contracts
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