What is a Unique Bid?
A unique bid is a bid that is NOT a duplicate bid. A “duplicate bid” is a bid submitted by a participant in an auction where another participant(s) has submitted a bid(s) for the identical amount. Duplicate bids are used to calculate the number of bids required to close an auction, but are disqualified from being selected as the successful bid. A bid can be unique and still not qualify as the successful bid. For example, in a single auction the following bids are accepted: Participant “A” bids $69.42 (bid #1) Participant “B” subsequently submits the identical bid of $69.42 (bid #2) Participant “C” bids $48.69 (bid #3) Participant “D” bids $65.44 (bid #4) ß Successful Bid!!! Bids #1 and #2 are for identical values and are therefore duplicate bids and disqualified from being selected as the successful bid. Bids #3 and #4 are both unique bids and qualify to be selected as the successful bid. Bid #4 is the highest unique bid and is therefore selected as the successful bid. All participants
A unique bid is a bid that is NOT a duplicate bid. A “duplicate bid” is a bid submitted by a Member in an auction where another Member(s) has submitted a bid(s) for the identical amount. These bids go towards the total number of bids required for each auction. Duplicate bids are used to calculate the number of bids required to close an auction, but are disqualified from being selected as the successful bid. A bid can be unique and still not qualify as the successful bid.
A6. A bid is unique when there hasn’t been another bidder bidding the same amount. A unique bid wins each auction. Each auction has a different maximum number of bids allowed. For example, if there is an auction with only three bidders allowed and two of them bid the max price of $50.00 and one of them bids $9.10, the $9.10 bid will win because it is the highest unique bid. Remember the highest bidder may not win the auction – it is the highest unique bid.
A-6. A bid is unique when there hasn’t been another bidder that bid the same amount. The highest unique bid wins each auction. Each auction has a different maximum number of bids allowed. For example, if there is an auction with only three bidders allowed and two of them bid the maximum amount of $11.00 and one of them bids $9.10, the $9.10 bid will win because it is the highest unique bid. Remember the highest bidder may not win the auction – it is the highest unique bid that will win.
