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Q：
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What should be noted when an auction item has a reserve price?
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A：
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If the auction item has a reserve price, and the highest bid of the bidder does not reach the reserve price, the bid shall not be effective, and the auctioneer shall stop the auction of the auction item.
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Q：
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How can the bidder confirm the transaction based on their offer?
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A：
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After the highest bid of the bidder is confirmed by the auctioneer's hammer or other public means of indicating the purchase, the auction is concluded.
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Q：
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What needs to be done after the auction is completed?
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A：
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After the auction is completed, the buyer and auctioneer should sign a confirmation of the transaction.
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Q：
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What is the auction record?
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A：
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When conducting an auction, the auctioneer shall make an auction record. The auction record shall be signed by the auctioneer and recorder; If the auction is successful, it should also be signed by the buyer.
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Q：
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How long do auction records need to be kept?
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A：
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The retention period for auction records and other relevant materials shall be calculated from the date of termination of the auction contract and shall not be less than five years.
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FAQ
