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What is the difference between an “open bid” and a “closed bid”?
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What is the difference between an “open bid” and a “closed bid”?

User Coldfused
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Answer:

A closed bid system allows buyers and suppliers to determine an optimal offer on terms that go beyond the lowest price. ... In comparison, open bids can create a fixation on the lowest possible price that may cause suppliers to sacrifice quality.

User Vu Anh
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