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SEALED BID

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A private bid that is sealed and not to be opened until a specified time, such as when all bids are in and then they are collectively compared to determine a high bidder. A bid made that is sealed and not to be opened until a later event, usually when all bids for a job or auction are in and then all bids can be viewed and the highest bid selected. A private bid to be revealed at the end of the bidding process.

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