closed bid
noun
COMMERCEukus[U](alsoclosed bidding)
asystemofchoosingthebestoffertosupplygoodsorservicesbyaskingcompaniestooffertheirbestpricewithoutknowingwhat the othercompaniesareoffering:
Thesupplierwaschosenbyclosedbid.
aclosedbidauction
Compare
open bid
sealed bid
[C]
anoffertosupplygoodsorservicesthat iskeptsecretuntil alloffershave beenreceived:
Thelandis going to besoldbysubmittingclosedbids.