Simple English definitions for legal terms
Read a random definition: authoritative precedent
A sealed bid is when someone writes down how much they are willing to pay for something and puts it in an envelope. The bids are not opened until everyone has submitted their offer. This is often used in auctions or when companies are looking for someone to do a job for them. It helps to keep the bidding fair and private.
A sealed bid is a type of bid where the bidder submits their offer in a sealed envelope or container. The bids are not disclosed until all submitted bids are opened and considered simultaneously. This type of bid is commonly used in auctions or when a company is looking for a contractor to perform work or supply goods.
These examples illustrate how sealed bids work. Bidders submit their offers in a sealed envelope or container, and the bids are not disclosed until all bids are opened and considered simultaneously. This ensures that all bidders have an equal chance of winning the auction or contract.