sealed bid
Confidential auction submission
A sealed bid is an offer submitted confidentially, typically in a competitive process where all bids are opened simultaneously.
The sealing prevents bidders from knowing competitors' offers and adjusting their own.
Common in government contracts, real estate auctions, and procurement: The contract went to the lowest sealed bid.
- auctionCompetitive public sale
- offerProposal to provide
- reserve priceMinimum acceptable bid
- fair market valueObjective exchange price
- counterbidCompeting price proposal
tender · anonymity · envelope · game theory · procurement · government contract · confidentiality · secret ballot · reverse auction · trade secret · contract · closed · submission · lowest · proposal · estimate · price · silent
- auctionsauction, auctioneer, auction house, auction houses, hammer price
- Bidscounterbid, tender, no trump, grand slam
- allocation methodslottery, quota, rationing, first come first served, merit-based
- Auction Termsreserve price, buy it now, hammer price, increment, closing time
- biddingauction, tender, counterbid, outbidding, overbidding
- procurementprocurement, purchasing, purchase order, subcontract, contracts