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What Is A Bid Letter?

September 3, 2020 by freelancer

Are you a Freelancer/ Independent Contractor/ Vendor?

Have you recently come across the term Bid Letter and you are trying to find an authentic definition?

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Well, you have landed in the right place.

Today, we will discuss Bid Letters and all the jargon associated with it.

 

Let us first learn the definition of a Bid Letter.

A Bid Letter is a bridge which serves as a form of communication between a company and a Freelancer/ Independent Contractor.

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What does the Bid Letter outline?

  • Scope of Work (Product/ Service)
  • Fees
  • Payment Schedule
  • Timeframe
  • Deliverable

 

 

If a company is looking for a Freelancer/ Independent Contractor to provide certain Products/ Services, it will put out a request for proposals.

 

Next, interested Freelancers/ Independent Contractors will create a Bid Letter in response to the proposal request.

 

It is extremely crucial to understand the company’s requirements and criteria before drafting a Bid Letter.

Usually, a proposal tailored to the specific requirements and criteria increases the chances of getting accepted by 2X.

 

In addition, acquaintance with industry rates for indicated Products/ Services is equally important for a Bidder.

 

Why?

 

Overpriced Bids end up in rejection.

Underpriced Bids have a smaller return on investment.

 

If you are a newbie, you can find plenty of Bid Letter samples on the Internet. In fact, some sites even offer appealing Bid Templates.

 

Although the Templates are generic, they can be quickly customized/personalized to cater to the proposal requests. Interestingly, some even provide professional writing assistance which can help you in creating Drafts and any follow-up communication associated with the Bidding.

 

Amazing, isn’t it?

 

Nonetheless, a perfect Bid Letter doesn’t assure any acceptance. Often, money is the prime aspect.

 

So, what’s the ideal mantra?

(Professional Bid Letter + Reasonable Delivery Date + Reasonable Cost)= Higher Chances of Acceptance

 

 

What if the proposal gets rejected?

 

If your proposal gets turned down, the concerned company usually sends a response back indicating the reason. Maybe they onboarded somebody who could do the project at a cheaper rate. Or, the chosen candidate could deliver sooner. Generally, companies always approach the Bidder every time they are need for a similar product or service. Next time you draft a Bid Letter, keep in mind these points and nail it! Good luck!

 

 

 

Related posts:

  1. Definition and Significance of a Confidential Letter
  2. How to Write an Anonymous Letter?
  3. Do Freelancers Charge Tax
  4. Why is a Remuneration Certificate Important?
  5. What is a Proprietary Product?
  6. Do you know your freelance rights?

Filed Under: Freelancer

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