Auction (Law)

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Bidding - the type of public sale where the buyer is the legal person or entity who declares the highest amount. Bidding is always done "up" by bet. This mechanism is used most often during various auctions, which are aimed at selling objects (real estate, works of art, debt). The tender procedure is where the contractor is the legal person or entity, the highest bidder (eg the buyer of the property) or the lowest bidder (eg the offeror). Both tendering and auctioning are the most common and preferred form of lead to buy-sell transactions in which public parties are involved.

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