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Whats a referred bid?

bid referred
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Whats a referred bid?

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On occasions it is a requirement of our Vendor, to submit the highest offer made on their asset at auction, or submit the highest offer if that offer falls below their reserve price. Note that Evans Clarke National Auctions generally does not encourage Vendors to place reserves on Lots.

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On occasions it is a requirement of our Vendor, to submit the highest offer made on their asset at auction, or submit the highest offer if that offer falls below their reserve price. If a bid is declared ‘Referred to vendors approval’ the bid remains binding on the bidder but may be rejected by the vendor. The referred bidder has 1st right to negotiate further on the lot.

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