bidding

Example:The city council held a public bidding for the renovation of the historic library.

Definition:a process where a company or government invites qualified suppliers or contractors to submit proposals and offers with the intention of awarding a contract to the most suitable candidate.

Example:The construction company participated in the preliminary bidding for the new highway project.

Definition:the early stages of a bidding process, where initial offers are made to determine the interest of potential buyers or contractors.

Example:When the property hit the market, a bidding war ensued, with several offers above the asking price.

Definition:a situation in which there is intense competition among potential buyers for a single item or contract, typically resulting in increasingly higher offers.

Example:The reverse bidding mechanism proved to be effective in driving down the price of the rare collectibles.

Definition:a form of online auction where the auctioneer's starting bid is the highest price and gradually decreases until a bid is accepted.