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

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"sealed-bid tender" in Business English

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sealed-bid tendernoun [ C ]

uk us

COMMERCE a system in which companies offer 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 lowest offer, after all the offers have been opened together:

As an independent organization working in your best interest, we will prepare a sealed-bid tender on your behalf.
A sealed-bid tender opening procedure will need to be established.

(Definition of “sealed-bid tender” from the Cambridge Business English Dictionary © Cambridge University Press)