Forward Auction
/ˈfɔːrwərd ˈɔːkʃən/
Definitions
- (n.) A public sale in which goods, property, or services are sold to the highest bidder, typically with bidding starting low and increasing until no higher bids are made.
The government used a forward auction to sell surplus equipment to the highest bidder.
Forms
- forward auction
- forward auctions
Related terms
See also
Commentary
In legal contexts, specifying the auction type helps distinguish from reverse auctions used in procurement; forward auctions generally favor sellers seeking the highest price.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.