Yes, it is exactly what you said. Extra info on how it works :P
After Bide is selected, the user will be unable to select a move for an idling period of 2-3 turns (chosen randomly), though it will still be able to switch out during this time. Afterwards, Bide will do damage equal to twice the damage received during the idling period. Although Bide is a Normal-type move, type has no effect on the calculated damage inflicted by this attack; thus, Bide does not receive same-type attack bonus. Bide is unaffected by accuracy and evasion modifiers, and can hit Pokémon during the semi-invulnerable turn of Dig and Fly. Bide hits Ghost types, although they are immune to Normal type moves.
Taken from Bulbapedia