SEALED BID Meaning and
Definition
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A sealed bid refers to a type of competitive bidding process in which bids are submitted in a sealed envelope or container and remain undisclosed to other participants until a predetermined time or event, such as an auction's deadline or a specified date and time. Sealed bids are commonly used in various settings, including procurement processes, auctions, government tenders, and real estate transactions.
In a sealed bid process, interested parties typically prepare their bids in writing and enclose them in sealed envelopes, ensuring the confidentiality of their offers. These bids are then delivered or sent to a designated authority or entity, which will be responsible for reviewing, evaluating, and comparing the bids to determine a winning offer.
By sealing the bids, participants are safeguarding their bids against any potential manipulation or influence from other participants, thereby promoting a fair and transparent competition. The sealed bid approach is often preferred when confidentiality and impartiality are vital to achieving an unbiased outcome.
Once the specified deadline is reached or the pre-set event occurs, the sealed bids are opened, either publicly or by appointed officials. The bids are then assessed based on predefined criteria, such as price, quality, or suitability, enabling the selection of the most favorable bid. The winning bidder is then typically notified, and the terms of the agreement are finalized.
Sealed bids provide a structured and controlled environment for participants to competitively offer their proposals, ensuring an impartial evaluation of bids and an equitable selection process.
Common Misspellings for SEALED BID
- aealed bid
- zealed bid
- xealed bid
- dealed bid
- eealed bid
- wealed bid
- swaled bid
- ssaled bid
- sdaled bid
- sraled bid
- s4aled bid
- s3aled bid
- sezled bid
- sesled bid
- sewled bid
- seqled bid
- seaked bid
- seaped bid
- seaoed bid
- sealwd bid
Etymology of SEALED BID
The word "sealed" in "sealed bid" comes from the Old English word "seolian" which means to fasten or close securely. It can be traced back to the Proto-Germanic word "seulijaną".
The word "bid" originates from the Old English word "bēodan" which means to command, offer, or declare. It has its roots in the Proto-Germanic word "biudanan".
Therefore, the term "sealed bid" refers to the act of closing or fastening a bid securely, usually in a written form, before it is opened and reviewed.
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