What do you mean by auction, bidding, bidding and winning the bid? Please make it easy to understand and be more detailed.

1. Auction is a spot transaction mode in which an auction house specializing in auction accepts the entrustment of the owner, shows the items to be auctioned to the buyer at a specified time and place according to certain articles of association and rules, bids openly, and finally the auctioneer sells the items to the buyer with the highest bid.

2. Bidding is a term in the bidding industry, which means that the tenderee (buyer) issues a tender notice or tender sheet in advance, puts forward the name, parts and varieties, quantity and related trading conditions of the goods to be purchased at the specified time and place, and invites bidders (sellers) to participate in the bidding.

3. Bidding is the technical term of bidding, which refers to the behavior of bidders (sellers) to submit their tenders to the tenderee within the specified time limit at the invitation of the tenderee according to the conditions stipulated in the tender announcement or tender sheet. At present, government agencies and public utilities in most countries purchase equipment, materials and daily necessities through bidding. Bidding is also often used when exploring resources, developing mineral deposits or inviting investment in construction projects.

4. Winning the bid refers to the behavior that the tenderee sends the bid-winning notice to the winning bidder and signs a written contract with it within the specified time.

Extended data:

Not all auction items involve commodities. Many houses outside are demolished and auctioned seasonally, which is essentially a big sale. The auction we are talking about is a high-end behavior, not a price reduction, and the price is not fixed. There must be more than two buyers, and there must be competition, and the highest price will be won. Without these three conditions, it cannot be called an auction.

When an auction shows that there is only one seller (usually held by an auction institution) and there are many possible buyers, there may be conditions for the latter to compete with each other in the price of the auction items they want to buy. After reviewing and comparing the quotations and other conditions of all bidders, the tenderer selects the winning bidder and signs a purchase contract with it.

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