Meaning of “closed bid” in the English Dictionary

"closed bid" in Business English

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closed bidnoun


[ 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.

[ 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” from the Cambridge Business English Dictionary © Cambridge University Press)