Determination of the Winning Bid And The Price

Abstract At first sight it may appear quite simple to determine which bid is the winning bid. how bids are to be matched and what the purchase price is. However, this is not necessarily simple. This chapter will illustrate some particularly difficult situations and provide recommendations on how to avoid uncertainty by express regulation in the conditions of sale or membership terms. There are different methods in use as to how to determine the winning bidder in auctions and exchanges. It is particularly difficult to establish the winning bidder when the bidders are allowed to submit combinations of bids that are not exactly the same. Modern technology makes it possible to compare bids that are combined in complicated ways. and it is then necessary to explain how the winning bid is determined.