Sealed Bid Auction
/ˈsiːld bɪd ˈɔːkʃən/
Definitions
- (n.) An auction in which bidders submit confidential bids without knowledge of others' bids, and the highest bid wins.
The contract was awarded through a sealed bid auction to ensure fairness and confidentiality.
Forms
- sealed bid auction
- sealed bid auctions
Related terms
See also
Commentary
Sealed bid auctions are often used in government and commercial contract awards to prevent collusion and encourage competitive pricing.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.