open bid
noun [C] COMMERCEDefinition
› 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. → Compare closed bid, sealed bid
(Definition of open bid noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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