sealed-bid auction
noun[C]
ukusCOMMERCE
anauctionin whichbuyersare given just onechanceto make asecretoffer, withoutknowingtheamountof otheroffers:
Thepricepaidwas more than themarketwasexpectingandsignificantlymore thanourcompetitorsin the sealed-bidauctionwerepreparedtopay.