Which term is NOT used interchangeably with "Lump Sum"?

The term "Lump Sum" refers to a construction contract where a single fixed price is agreed upon for all work, as opposed to separate pricing for individual tasks or materials. While "Fixed Price," "Hard Bid," and "Stipulated Sum" all convey agreements that specify a single total payment for the project, "Low Bid" does not align with this definition.

"Low Bid" typically refers to the process of bidding in which contractors submit competing prices for a project, and the bid that is the lowest among the competitors is often awarded the contract. This process does not guarantee a single fixed price; rather, it emphasizes the competitive nature of the bidding process where price can vary significantly among different bids.

In contract terminology, "Lump Sum," "Fixed Price," "Hard Bid," and "Stipulated Sum" reflect a commitment to a set price for the entirety of project work, whereas "Low Bid" is more about the competitive bidding process rather than the price structure of the contract itself. Therefore, "Low Bid" is not used interchangeably with "Lump Sum."