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The phrase "acceptance of bid" is correct and usable in written English.
It is typically used in the context of procurement, contracts, or auctions to refer to the formal agreement to accept a proposal or offer made by a bidder.
Example: "The acceptance of bid was announced during the meeting, confirming that the project would proceed with the selected contractor."
Alternatives: "approval of bid" or "confirmation of bid".
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§ 274.7 Acceptance of bids.
facilities on which bids and offers, and acceptances of bids and offers effected on the facility, are not binding.
Another would be raising the barrier for acceptance of a bid from 50% plus one vote to 60%.
Sunni politicians said that the main Sunni bloc put forward Salim al-Jabouri, a moderate Islamist, as their candidate for speaker, but accused Mr Maliki of effectively torpedoing their proposal by linking it to their acceptance of his bid for a third term.
Today's agreement marks the GSA's official acceptance of MIT's bid of $750 million.
PetroKazakhstan's acceptance of the Chinese bid is a consolation prize for China's oil industry.
Cue an outburst from Better Together directed at STV, and its immediate acceptance of the BBC bid.
The news at the weekend, however, that the board of B&H had recommended acceptance of a £44.3m bid from private equity group HgCapital merely adds to concerns.
DONNA DeMARCO, who heads the N.C.A.A. Soccer Committee and is associate commissioner of the Big East Conference, attributed the acceptance of the lower bid from Columbus to the higher taxes in Charlotte.
Acceptance of the Arcelor bid by two-thirds of shareholders, as expected, will end a difficult period for it in acquisitions.
The report also outlines the six offers received for Rangers between 4 April, when "best and final offers" were required, and the acceptance of Sevco's bid on 12 May.
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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