Jan 07 2012
An auction is essentially a public auction any item that is sold to the highest bidder. It can be defined as a process of buying and selling things by offering them up for tender, taking bids and selling things to the highest bidder. This is usually the case. However, a sale to the lowest bidder may also be held, where the land is sold for non-payment of taxes to anyone willing to take for the short term, or when the contract is offered to a or a party willing to take for the short term, or when the contract is offered to an individual or a party ready to perform at the lowest prices. These cases also seem quite fall under the jurisdiction of the word auction.
In case auction seller presents the products on a public platform. The selling price of the products are determined by the offer or offers of buyers interested in buying based on their estimate of the value and necessity of products. The person offering the highest bid at the close of the auction receives the right to buy products at a price of the offer. The winner of the tender is normally legally bound to purchase the item at auction. These days, the auctions were conducted . Some of the benefits are as follows:
- At an auction the goods are almost certainly eliminated after bidding by their sale to the highest bidder. Hence, it is that the right podium for the elimination or of an accumulation of goods. Otherwise, companies would have become due to the stagnation storage of such goods. Some items may also have perished (in the case of perishable goods) has expired or if not sold in time.
- The auctioned item fetches the highest price in the given situation. Thus, in a way it is the maximization or optimization of profit.
- In case of auctioning a variety of items for sale come May, May not be otherwise available on the . The buyer can get enough uprise watching a treasure trove of ancient items available at an auction.
- An auction can also be seen as a method for estimating the value of certain commodities which have hit for unknown or variable prices.
Tags: accumulation, auction, bid, bidder, buyer, contract, elimination, estimate, fall, jurisdiction, market, online, podium, price, process, sale, selling, tender, trove, uprise, Value, winner
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