A prize was presented for the contestants to bid on. A minimum bid was specified. After the opening bid, contestants bid on the item in turn with each successive bid a certain amount higher than the previous bid. A contestant could freeze his/her current bid instead of increasing it if he/she believed his/her bid was close enough to win. A later rule allowed contestants, on their opening bid only, to "underbid" the other bids, but this automatically froze their bid and prevented them from later increasing the original bid. Some rounds were designated as "one-bid" rounds, where only one round of bidding was held (this is the format used on the current version of "The Price is Right"); sometimes the minimum-bid and higher-bid threshold rules also were waived.