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Definition

Bidding is an invitation to potential suppliers to submit their offers and a price for a particular opportunity. A closed or sealed bid is formal, written, and sealed, and usually all closed bids are opened and reviewed at the same time, with the contract being awarded to the lowest bidder who meets the specifications. An open bid is usually more informal and is used when specific requirements are hard to rigidly define or when products vary substantially.[1]

References

  1. ^ American Marketing Association. AMA Dictionary.

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