Sealed bid
A confidential offer submitted by a contractor to undertake a project, or a bidding process in which all bids are kept sealed until a designated opening date to ensure a fair and competitive selection process.
A sealed bid is a confidential offer submitted to undertake a project, opened only after the submission deadline. This process ensures fairness and competitiveness, as bidders cannot see each other's proposals before selection.
Used in a sentence
The sealed bid process ensures fairness and transparency in selecting the project's contractor.
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