AUCTION BIDS AND TENDERS

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“Auction”, signifies generally an increasing, an enhancement, and hence is applied to a public sale of property usually conducted by biddings, which augment the price.

According to Halsbury’s Laws of England, an “auction” means the auction is a manner of selling or letting property by bids, usually to the highest bidder by public competition. The prices which the public are asked to pay are the highest which those who bid can be tempted to offer by the skill and tact of the auctioner under the excitement of open competition. It is thus clear that an auction is held by public competition wherein every bidder has right to raise his own bid. It is also clear that in public auction, the atmosphere therein created by open bidding can tempt the bidder to raise his bid and thus enhanced price can be fetched by the said mode.