What is the definition of a construction bid?

A construction bid is essentially a proposal put forward by a contractor outlining their plan to complete a specific project at a defined price. This bid includes various details such as the scope of work, estimated costs, timelines, and sometimes information about the contractors' qualifications. The purpose of this proposal is to enable clients or project owners to evaluate potential contractors based on both the offered price and the quality of work promised, ultimately aiding them in making informed decisions regarding who to hire for the construction project.

The other options do not accurately represent the definition of a construction bid. A final invoice represents a billing statement after project completion, a list of materials pertains to the specific items needed for the project rather than the cost or execution of the work, and an assessment of property value is unrelated to the bidding process in construction.