Agreement to Bid
This Agreement to Bid outlines a commitment between a Bidder and a Seller regarding an item intended for auction. The Bidder agrees to place a minimum bid by a specified date, backed by a deposit. The Seller guarantees the item's condition and market value, while retaining the right to withdraw the item or select another bidder, in which case the deposit is fully refunded.
Agreement to Bid
This agreement is made on [date] between [bidder name], hereafter “Bidder,” and [seller name], hereafter “Seller”, with regards to [item], hereafter “The Item,” which Seller desires to auction off:
The Seller guarantees that the Item is [description] in [condition] condition, with a market value of [amount].
The Bidder agrees to bid at least [amount] on the Item, provided that it is offered to him/her no later than [date]. The Bidder agrees to bid this amount no later than [number] days after the offer is extended.
The Bidder has submitted a deposit of [amount]. If the Bidder is offered the Item by [date] and does not bid, or if the Bidder bids lower than the agreed amount, the damages that the Seller subsequently endures will be subtracted from the deposit. If the damages exceed the deposit amount, the Bidder will be held liable for the difference.
The Seller retains the rights to withdraw the Item from bidding, or to select another Bidder. In either case, the security deposit will be returned to the Bidder in full.
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[bidder name] |
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[seller name] |
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