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Calhoun: The NPS Institutional Archive
Theses and DissertationsThesis Collection199206A dictionary of acquisition and contracting terms
Brown, Mark A.
Monterey, California. Naval Postgraduate School
http://hdl.handle.net/10945/38522ADA247
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How to fill out second price sealed bidding
How to fill out second price sealed bidding
01
Determine the number of bidders participating in the auction.
02
Submit a sealed bid with your offer for the item being auctioned.
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The winner of the auction is the bidder with the highest bid, but they only pay the second highest bid amount.
04
Pay the amount you bid if you win the auction.
Who needs second price sealed bidding?
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Individuals or organizations looking to purchase goods or services through an auction process where the winner pays the second highest bid amount.
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What is second price sealed bidding?
Second price sealed bidding is a type of auction in which the highest bidder wins the item being sold, but pays the price offered by the second highest bidder.
Who is required to file second price sealed bidding?
Any individual or organization participating in an auction that utilizes the second price sealed bidding format may be required to file.
How to fill out second price sealed bidding?
To fill out second price sealed bidding, participants must submit their bid amount in a sealed envelope or electronically, following the instructions provided by the auction organizer.
What is the purpose of second price sealed bidding?
The purpose of second price sealed bidding is to encourage bidders to submit their true valuation of the item being auctioned, as they will only pay the price of the second highest bid.
What information must be reported on second price sealed bidding?
Participants must report their bid amount, contact information, and any other required details as outlined in the auction rules.
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