auction policy

Auction policy refers to the rules and guidelines that govern how items or services are offered, bid on, and awarded in an auction. It ensures fairness, transparency, and consistency in the process. This includes details like how bids are submitted, the minimum bid increments, the methods of payment accepted, and how the winning bid is chosen. These policies help prevent disputes and provide bidders with clear expectations. Overall, auction policy creates an organized framework that facilitates efficient and equitable transactions between sellers and bidders.