what is bidding

Bidding is the process of making an offer to set a price tag by an individual or business for a product or service or a demand that something be done. It is used to determine the cost or value of something. Bidding can be performed by a person under the influence of a product or service based on the context of the situation. In the context of auctions, stock exchange, or real estate, the price offer a business or individual is willing to pay is called a bid. Buyers who participate in auctions bid against each other in order to win the asset through an open bidding process. They do so by placing competitive bids in an attempt to beat out the other buyers. The person who bids the highest amount wins the auction. In the context of corporate or government procurement initiatives, bidding is the process of submitting a proposal or bid to secure a contract to provide goods or services. The bid includes an estimate of the cost. Bidding is also used when placing a bet in card games.