41 C.F.R. § 102-38.95 What is an auction?
Title 41 - Public Contracts and Property Management
An auction is a sale where the bid amounts of different bidders are disclosed as they are submitted, providing bidders the option to increase their bids if they choose. Bids are submitted electronically and/or by those physically present at the sale. Normally, the bidder with the highest bid at the close of each bidding process is awarded the property.
Title 41: Public Contracts and Property Management
PART 102–38—SALE OF PERSONAL PROPERTY
Subpart B—Sales Process
Competitive Sales
§ 102-38.95 What is an auction?
