What is closed bid?

A closed bid is a procurement process where suppliers submit their proposals or bids without knowing the offers made by other competitors. This method promotes confidentiality and can lead to more competitive pricing, as each bidder is unaware of the others' bids. The process typically involves a set deadline for submission, after which the bids are evaluated by the buyer to select the best offer. Closed bidding is often used in government contracts and large projects to ensure fairness and transparency.