closed bidnoun
ukusCOMMERCE[ U ] also closed bidding a system of choosing the best offer to supply goods or services by asking companies to offer their best price without knowing what the other companies are offering:
The supplier was chosen by closed bid.
a closed bid auction
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open bid
sealed bid
[ C ] an offer to supply goods or services that is kept secret until all offers have been received:
The land is going to be sold by submitting closed bids.