sealed-bid
Hidden price submission
Sealed-bid describes an auction or procurement process where all participants submit confidential offers simultaneously, opened together at a specified time.
No bidder knows what others have offered until the reveal: The contract was awarded through sealed-bid auction.
Common in government contracts and real estate sales to prevent collusion and ensure fair competition.
Obtaining goods externally
- tenderSoft or sore
- contractEnforceable written agreement
- envelopeFolded paper enclosure
- submissionYielding to another's will
competitive · government · RFP · vendor · award · evaluation · solicitation · specification
Meant to stay secret
- undisclosedNot made known
- hiddenKept out of sight
- privateRestricted to certain parties
- concealedMade invisible deliberately
simultaneous · independent · blind · anonymous · opaque · one-shot · commitment · irrevocable
procurement
Obtaining goods externally
submission · competitive · government · RFP · vendor · award · evaluation · solicitation · specification · compliance
confidential
Meant to stay secret
- undisclosedNot made known
- hiddenKept out of sight
- privateRestricted to certain parties
concealed · simultaneous · independent · blind · anonymous · opaque · one-shot · commitment · irrevocable · binding
strategic
Deliberately planned for advantage
- valuationAssessment of monetary worth