sealed-bid tender Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “sealed-bid tender” in the English Dictionary

"sealed-bid tender" in Business English

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sealed-bid tendernoun [C]

uk   us  
COMMERCE a ​system in which ​companiesoffer to do a ​job for a particular ​price without knowing what ​offers have been made by other ​companies. The ​job is usually given to the ​company making the ​lowestoffer, after all the ​offers have been ​opened together: As an ​independentorganizationworking in your best ​interest, we will prepare a sealed-bid ​tender on your behalf. A sealed-bid ​tenderopeningprocedure will need to be ​established.
(Definition of sealed-bid tender from the Cambridge Business English Dictionary © Cambridge University Press)
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