The following definitions, interpretations and expressions shall apply to all Contracts, references
and business dealings with BID4U.
means the same as Hammer Price.
means a bid for a lot at Auction that is substantially larger than the previous bid. The purpose of a knockout bid is to twofold: Firstly, to interrupt the bidding process through the advancement of a significantly higher bid, and secondly; to deter other bidders from continuing to bid for the lot. The use of knockout bids is an inherently risky strategy which should only be attempted by professionals. However, the use of knockout bids can be a very effective means of avoiding a bidding war and securing a lot at the lowest possible price, particularly where a lot is very rare, of exceptional quality, unique or which possesses a highly collectable provenance.
||Where bidding on $5,000 antique progresses in $100 increments a bid of $500 would constitute a knockout bid.
These definitions and interpretations may be subject to review and change from time to time