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Auction rules
1. Binding Bids: Bids are legally binding, meaning once a bid is placed, it cannot be withdrawn.
2. Highest Bid Wins: The item is awarded to the highest bidder at the end of the auction.
3. Minimum Bidding Increment: Bids must increase by a specified amount.
4. Finality of Bids: All bids and sales are final, meaning there are no refunds or exchanges.
5. Payment: The winning bidder agrees to pay in full for the item.
6. Reserve Price (optional): The seller can set a minimum price (reserve price) below which they are not obligated to sell the item. If the highest bid doesn't reach the reserve price, the item may be passed in (not sold).
7. Legal Age Restrictions: Some items, like alcohol or firearms, may have age restrictions for bidding.
8. As-Is Condition: Items are usually sold "as is," meaning they are sold in their current condition, and bidders assume all risks.
9. Auction Close: The auction has a designated closing time, after which no further bids are accepted.
10. Post-Auction Checkout: The winner of the auction must complete the purchase and pick up their item, usually within a specified timeframe.
11. Bidding Rules for Online Auctions: Similar rules apply to online auctions, with the added consideration of online payment and shipping options.
12. Auctioneer's Role: The auctioneer is responsible for ensuring the rules are followed and for declaring the winner.
13. Bidding for Properties: When bidding on a property at auction, the winning bidder will typically have to pay a deposit and then complete the purchase within a set timeframe.