Definitions for "Sealed Bid"
A bid which has been submitted in a sealed envelope to prevent dissemination of its contents before the deadline for the submission of all bids; usually required by the purchasing authority on major procurements over the formal bid limit to ensure fair competition among bidders.
a bid in which the dollar amount of the bid is kept private between the buyer and the bidder
A method of sale utilized where confidential bids are submitted to be opened at a predetermined place, date, and time. Many government auctions occur in this manner, as they accept bids from around the country (and probably the world!).