An auction, also known as an auction sale, is a method of marketing property without a set price wherein bids are taken and the property is sold to the highest bidder.
Auctioning is a market mechanism in which goods and services are sold to the highest bidder through a structured and competitive bidding process, often conducted online.
The process of two or more participants attempting to reach conflicting objectives or goals. The process of bidding for contracts is a game. Logically, each participant would bid estimated costs plus some amount for profit. Since only one contract would be awarded, the outcome depends jointly on the actions of all bidders.
Procurement is the acquisition of goods, services, or works from an external source, typically through a bidding process. It involves the process of finding, agreeing on terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.
