Bidding (licitação)
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Licitação is the act of offering a price at an auction in competition with others, with the highest offer winning.
To licitar is to make an offer at an auction. The word licitação covers both the process of successive offers and each individual offer (also called a ).
The e-Leilões rules give it a precise meaning. A 'bid' is an offer equal to or above 85% of the . A 'conditional bid' is an offer between 50% and 85% of the base value: it is recorded but does not lead straight to a sale, and may be used later as an offer in . Below 50%, the platform rejects the offer.
Bidding also occurs outside electronic auctions. In , if two offers tie at the highest price, bidding opens between the tied bidders (CPC article 820; CPPT article 253).
Example
Illustrative example: a property has a base value of €100,000. An offer of €60,000 is a conditional bid. An offer of €90,000 is a bid. An attempt to offer €40,000 is rejected by the platform.
In practice, at an auction
On e-Leilões:
- only registered, authenticated users can bid;
- the public sees the amount and time of each bid, but not the bidder's identity;
- a bid is final and cannot be withdrawn;
- a bid in the last five minutes extends the auction by five more.
Whoever holds the highest bid above the minimum value is obliged to deposit the price. If they do not, the law provides for serious consequences, including attachment of assets and enforcement within the same proceedings (CPC article 825).
The highest bid is not yet the purchase: payment, taxes and the follow. Guide: How e-Leilões works.