opening bids

opening bids
The act of opening the bids received following advertisement for bids in the letting of a contract, and upon the termination of the period for receiving bids as specified in the advertisement, for the purpose of determining the most favorable bid. The phrase frequently occurs in the English books, and means that if after the biddings at a chancery sale are closed, anyone else comes in and offers a much higher price, the biddings may be opened and the additional offer accepted. It means no more than a suspension of the sale and a continuance of the property in the market. See Andrews v Scotton (Md) 2 Bland Ch 629, 644.

Ballentine's law dictionary. . 1998.

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