Term: Timed (online) auction

A Timed Auction runs for a predefined period and enables buyers to register and place their maximum bid on items. As the auction count downs, buyers have the chance to increase their bid amount before the clock runs out. Buyers also have a chance to bid at their own pace in an Online Auction, confident in the knowledge that they have placed a maximum bid and limit. This also allows the buyer to correct any potential errors. Note that should the winning bid come down to two identical bids, the first bid received (down to the second) will win the auction