In the context of auctions and competitive bidding, 'outbid' refers to placing a higher bid than a competitor. A person who has been outbid has lost the auction to the highest bidder.
A public sale refers to a sale conducted through a notice to the public where members of the public are invited to bid. These sales are typically characterized by transparency and open competition among bidders.
Requests for proposals (RFP) are announcements seeking proposals from interested parties to conduct a study, provide leased space, or perform other specific tasks. RFPs are commonly used in business, governmental, and non-profit sectors as a formal invitation to tender competitive bids.
