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The phrase "a bid based on" is correct and usable in written English.
It can be used when discussing the basis or criteria for a proposal or offer, particularly in contexts like business, auctions, or negotiations.
Example: "The company submitted a bid based on the projected costs and timelines outlined in the project proposal."
Alternatives: "a proposal grounded in" or "an offer derived from".
Exact(4)
"We made a bid based on conservative figures.
Analysts at Credit Suisse predicted that Potash might accept a bid based on a 50 percent premium, and said in a report that they expected BHP to make a revised offer.
Typically, the first-stage auctions will be conducted separately in each DSP to determine one winning advertiser registered on it, and in the second-stage auction, each DSP submits a bid based on its winning advertiser's bid to the ad exchange platform (AdX).
An event planner might decide that a certain project will fill 3 afternoons and submit a bid based on the typical per-hour rate.
Similar(55)
A power bid, based on meteorological forecasts, is transmitted a day ahead by the producer to the utility grid operator.
I know of no call center that would agree to field a survey without an advance bid based on precise specification of all of these variables.
A customer enters the name of the product he wants to sell on the Gazelle site, rates its condition and gets an automated bid based on Gazelle's current inventory and its past success in moving that product.
Assuming a competitive market, the generator determines its bid based on the equality of price with its marginal cost (MC).
And he had heard that China planned to bid based on dates similar to Sydney.
They trumped South Korea's bid based on the hope of uniting North and South Korea through soccer.
But many advertisers already determine what to bid based on sales, not clicks, and they have enough data to do so effectively.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com