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Do you have a link that explains what exactly a "three bid system" is? The top hit on Google for the term describes a card game...
by brazzy 14y ago
Do you have a link that explains what exactly a "three bid system" is? The top hit on Google for the term describes a card game...
- grabeh 14y agoMy understanding is that it is simply a closed bid system where three separate banks submit bids (interest rate that will pay on sums invested with them) with the highest one winning.
- tedunangst 14y agoIn general, you want to buy something. You have to get a quote from at least three vendors, then you pick the lowest. For contracts, like to build something, paint city hall, whatever, you solicit bids by publishing a notice in the local paper. Usually the bids are sealed, which "guarantees" people make a fair bid without undercutting their competitor by a dollar.