The lowest bidder is an
individual or
corporate entity who has been engaged in competition of bidding against other individuals and businesses for an
employment opportunity with a potential
client for the equity or right to offer
goods and
services of something, who has voiced with a
verbal or
written contract that they will accept the lowest quoted quantity of payment in return for
services rendered. In order to outdo competing firms, said individual or corporate organization often has to
cut corners while fulfilling their
contractual agreement but the trick is to fool the client into thinking this will not adversely affect the
quality of workmanship or the
final result.
This is usually found to not be true. See for example NASA, Apollo 13, Lunar Excursion Module and Challenger Explosion for more details.