binding offer
Defined in 1 place of the United States Code.
The term “binding offer” means a bid submitted by the State of Hawaii for an assured award of a specific quantity of petroleum product, with a price to be calculated pursuant to paragraph (2) of this subsection, that obligates the offeror to take title to the petroleum product without further negotiation or recourse to withdraw the offer.
Source
- 1998–present42 U.S.C. § 6241The Public Health and Welfare · Drawdown and sale of petroleum products · under this section