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Meaning of “closed bid” in the English Dictionary

"closed bid" in Business English

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closed bidnoun

uk   us   COMMERCE
[U] (also closed bidding) a ​system of choosing the best ​offer to ​supplygoods or ​services by ​askingcompanies to ​offer their best ​price without knowing what the other ​companies are ​offering: The ​supplier was chosen by ​closedbid. a ​closedbidauction
[C] an ​offer to ​supplygoods or ​services that is ​keptsecret until all ​offers have been received: The ​land is going to be ​sold by ​submittingclosedbids.
(Definition of closed bid from the Cambridge Business English Dictionary © Cambridge University Press)
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“closed bid” in Business English

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