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English definition of “sealed-bid auction”

sealed-bid auction

noun [C]
 
 
COMMERCE an auction in which buyers are given just one chance to make a secret offer, without knowing the amount of other offers: The price paid was more than the market was expecting and significantly more than our competitors in the sealed-bid auction were prepared to pay.
(Definition of sealed-bid auction from the Cambridge Business English Dictionary © Cambridge University Press)
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