A sealed bid sale is one in which each bidder submits a single, irrevocable bid in a sealed envelope without knowledge of the other bids. When the bidding period is closed, the bids are opened, at which time the highest bid will be identified.
A sealed bid sale is one in which each bidder submits a single, irrevocable bid in a sealed envelope without knowledge of the other bids. When the bidding period is closed, the bids are opened, at which time the highest bid will be identified.