What does opening bid mean at auction?

While the reserve price is the minimum price a seller is willing to accept, the opening bid is the amount suggested to start bidding. Bidders are not obligated to accept the opening bid, and if an item receives no bids, the auctioneer will lower the starting/opening bid price.

What are the types of bid opening?

Types of Bidding Procedures Open Bidding. Open bidding is the most common type of bidding procedure used in the public sector. ... Closed Bidding. ... Limited Bidding. ... Two-Stage Bidding. ... Electronic Reverse Auction. ... Request for Proposals (RFP)

What does opening bid mean?

The first bid of the auction (other than passes) is called the opening bid.

Bid Opening: Stage in project advertisement process where sealed bids, received by prospective bidders (Contractors) are opening and examined by the County. Bidder: An individual, partnership, firm, corporation, or joint venture, submitting a proposal or bid.

Can a bidder withdraw a bid after opening?

Yes. By law the bidder may retract his bid but it has to done PRIOR to the fall of the hammer . In other words before the auction, of this item is over, or the auctioneer says SOLD! .

Get Sample Minutes Of Bac Meeting

BIDS AND AWARDS COMMITTEE FOR CIVIL WORKS REGULAR MEETING CPO Function Room, 5th Floor, DPWH Central Office October 16, 2012 9:00 a.m. MINUTES OF THE PREBID CONFERENCE Deadline for Submission &.

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