ABSOLUTE AUCTION – An auction without reserve. An auction in which merchandise or property is sold to the highest bidder regardless of price. This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction, and a higher final sale price for the property in question.
ABSENTEE BID – A procedure which allows a bidder to participate in the bidding process without being physically present. A bidder who cannot attend submits an offer prior to the auction. All arrangements for payment have been made in advance.
AS-IS – Selling the merchandise or property without warranties as to the condition and/or the fitness of the merchandise or property for a particular use. Buyers are solely responsible for examining and judging the merchandise or property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition”.
AUCTION WITH RESERVE– (Also called Auction Subject to Confirmation) – An auction in which the seller reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
AUCTION WITHOUT RESERVE – An Absolute Auction. (See Absolute Auction) An auction in which merchandise/property is sold to the highest qualified bidder; where no minimum price will limit the bid; where the seller may not withdraw the merchandise/property from the auction after the first bid has been received; and where the seller may not nullify the sale by bidding himself or through an agent. “Auction Without Reserve” is equivalent to the term “Absolute Auction”.
REGISTRATION – The process you must complete in order to be a qualified bidder. When you first get to the auction, you should ask to register and obtain a bid card. You will be asked to show proper identification to register. You may be required to verify that you have certified funds or cash in your possession. You must register at each auction event. This is essential before bidding.
TERMS & CONDITIONS – The legal terms that govern the rules for a specific auction. Each auction’s terms and conditions may vary and the bidder must understand them before participating in an auction. They include method of payment, buyer’s premiums, possession, reserves and other limiting factors. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.