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English definition of “closed bid”

closed bid

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, 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 .
(Definition of closed bid noun from the Cambridge Business English Dictionary © Cambridge University Press)
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