Budrigning
Budrigning is the process of submitting competing offers for a lot, asset, or contract in an auction-like setting. It is used in private sales, real estate auctions, art and collectibles, and public procurement. The aim is to determine the most favorable price and terms for the seller while allowing buyers to bid according to their valuation and funding constraints.
The process typically involves bidder registration, disclosure of sale terms, and sometimes a reserve price. Auctions
After winning, a sale contract is executed and the transaction becomes binding. Non-performance can incur penalties,
Digital platforms have expanded budrigning, enabling online real-time bidding from multiple locations. Transparency, clear rules, and
Legal and practical considerations include the seller’s reserve price, bidding increments, withdrawal rules, and transfer of