Auction

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves or bids may be submitted electronically with the highest current bid publicly displayed. While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, and used cars. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

Definition of 'Auction'

A system where potential buyers place competitive bids on assets and services. The asset or service in question will sell to the party that places the highest bid. In most cases, sellers will pay a listing fee to the auctioneer, regardless of whether the item actually sells for the desired price.

For example, Google used a modified form of auctioning called the dutch auction when it issued its IPO. In this form of auction, prospective buyers submitted bids that included the number of shares desired and what the bidder was willing to pay for them. After the auction ended, the underwriters sorted through bids in order to determine the minimum priced bid they would accept from buyers. The IPO was priced at $85.

The internet has increased the amount of exposure that auctions now have, and bidders no longer have to be physically present to participate. Online marketplaces such as eBay connect buyers and sellers worldwide by allowing individuals to submit their bids (or list their products) online and send payment electronically.

PUBLIC AUCTION NOTICE

The old condemned Government equipments, instruments, beds, furniture, fixture, and other articles of Government Basic Rural Health Facilities of District Hyderabad (rural) are placed for Public auction.

Other terms and conditions are;

i)  1/4th of the bid may be deposited on the spot.

ii)  Successful bidder/ bidders shall collect his/their lot/ lots within 48 hours.

iii) In case, any bidder intends to cancel the bid he will pay Rs l5,000/- as a penalty of service charges.

iv) The committee concerned reserves the right to reject or accept the highest bid without assigning reasons there to and its decision shall be final.

Auction Date: 02-12-2015

Places: RHC Tando Jam and MCHC

Teando Halepoto

For further query please contact

022-2108130 and 022-920074