Akademik

closed bid

closed bid closed bid ➔ bid¹

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closed bid UK US noun COMMERCE

► [U] (also closed bidding) a system of choosing the best offer to supply goods or services by asking companies to offer their best price without knowing what the other companies are offering: »The supplier was chosen by closed bid.
»a closed bid auction

→ Compare OPEN BID(Cf. ↑open bid), SEALED BID(Cf. ↑sealed bid)

► [C] an offer to supply goods or services that is kept secret until all offers have been received: »The land is going to be sold by submitting closed bids.

Financial and business terms. 2012.