Good day [recipient],
Thank you for considering our company for your project. We appreciate the trust that you gave us with this very important work. However upon careful considerations, we have decided not to place a bid on it.
We have always prioritized our customers over anything else. If we feel that we, as a company, cannot give you the best service that you can get in the market, we’re going to back out of the competition. Please review the full list of reasons why we decided to let go of the project:
Should you ever need any of our services in the future, please don’t hesitate to contact us. We want try our hand at future projects your company needs accomplishing.
[Name of sender]