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open bid UK US noun [C] COMMERCE
► an offer to supply goods or services at a particular price that is not kept secret, so that other companies can offer to supply the goods, etc. at a lower price if they want to : »
Open bids for running water services are seen by companies as a way of increasing earnings and share price.
► a price that someone offers to pay for something that is not kept secret: »
The open bid of $1.5 million eclipsed our reserve of $1 million.
Financial and business terms. 2012.