Auctioning is a market mechanism in which goods and services are sold to the highest bidder through a structured and competitive bidding process, often conducted online.
An open bid is an offer to perform a contract by quoting a price for materials or work, while retaining the right to reduce that price to match competitors' bids. It is commonly utilized in governmental contracts.
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.
A form of cost estimate presented to a potential customer in which the bid is kept confidential to ensure fair competition among bidders.
A Tax Anticipation Bill (TAB) is a short-term debt obligation issued by the U.S. Treasury, primarily utilized by corporations to streamline their tax payments and manage liquidity.
