Auction Terms

noun a group or collection of people or things that are considered undesirable or inferior

adjective of poor quality or low standard; undesirable

• The company decided to avoid working with that supplier again after receiving a bad lot of defective products.
• I heard that new restaurant got a bad lot of meat and had to close down.
• We should steer clear of buying from that store, they always seem to have a bad lot of items.
• She felt like she had drawn a bad lot in life, constantly facing challenges and setbacks.

noun the highest price a buyer is willing to pay for a security or commodity

• The bid price for the artwork at the auction reached a record high.
• I heard the bid price for that vintage car was through the roof!
• The bid price for the concert tickets was insane, but I had to have them.
• In the game of negotiations, knowing when to raise your bid price can make or break a deal.

noun an individual article or unit, especially one that is part of a list, collection, or set

• The item in question is a rare artifact dating back to the 15th century.
• I really like that item you bought at the antique store.
• Check out this sick item I just copped from the thrift shop.
• His courage was the most valuable item in his arsenal.

noun a person or entity who is granted or awarded something through a legal or official decision, typically in the context of a bidding process or auction

• The adjudicataire was awarded the contract after submitting the winning bid.
• The adjudicataire is the one who won the bid for the project.
• The adjudicataire scored the deal for the project.
• The adjudicataire emerged victorious in the bidding war.