Your proposal acceptance letter can specify any discussions or meetings you wish to hold before completing paperwork. The Bidder's Bid and the Lump Sum Price are based on the Bid.Documents as issued and assume no material alteration of the terms of the Bid Documents. A Letter of Acceptance (LOA) is a formal document that indicates the agreement between parties on the terms and conditions of a contract. Customize and Download this "Bid Acceptance Letter". The OWNER does not obligate itself to accept the lowest cost or any other bid. 1. Read the Contract or Terms of Agreement. Be sure you agree with the requirements and restrictions. Typically, you will send a bid, proposal, or quotation in response to a request. The transmittal letter identifies the contents of the package you sent.