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The contract is not binding until he signs the contract along with you. Until then, there is no valid agreement.
The timing of him signing the agreement has nothing to do with the bid he makes on the job at issue. That contract has nothing to do with your contract.
However if he has won the contract, you need to get on him to execute the contract with you asap.
You've certainly pinpointed the threat if you're the one that did sign the agreement. He could sign it now and you'd be bound. Hopefully, you have the original agreement. If you do, I think you could claim it is cancelled due to the fact that he didn't execute it and return it as agreed. However, if he has the original, you should contact him and ask if he plans to sign it, and if not you can state that it is cancelled and write him a letter to that effect.
If you have the original, you should contact him and tell him that because he didn't sign it, that you're cancelling the agreement, but you would be willing to re-negotiate the agreement if he wants to proceed. You can explain to him that the profit margin has been reduced and the percentage would have to be reduced accordingly in order for each of you to recover.