A bid that does NOT specify how long it remains open or in effect is considered to be open for?

When a bid does not specify a time frame for how long it remains open or valid, it is interpreted to be open for a reasonable amount of time. This understanding is rooted in the principle of commercial reasonableness, which aims to protect both the offeror and offeree. This concept allows flexibility, taking into account the nature of the bid, the conditions of the market, and the type of transaction involved.

The determination of what constitutes a reasonable amount of time can vary based on circumstances, including the industry standards and the specifics of the project or contract in question. It ensures that parties cannot leave offers open indefinitely, which could lead to uncertainty and potential unfairness in negotiations. Thus, until an explicit time frame is established, the bid would be deemed valid for a duration that would be considered reasonable by those familiar with similar transactions.