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» Auction :- Public Sale in which articles are sold to maker of highest bid
» Auctioneers :- One whose business is to conduct auctions.
» Announcer / Cryer:- Who conducts the auction sale
» Bid Sheets:-  Statement showing  lot no, Description of material, Approx. Qty, Name of the Successful Purchaser & address, Rate Per Unit, highest Bid, Deposit, Balance amount, Rate of Excise Duty, Sales Tax, Delivery Schedule, signature & Name of the Purchaser & signature of the auction committee.
» Bidders / Purchasers/Buyers:- Who purchase material under sale in auction.
» Bidding:-  The offers received during auction.
» Committee Members:- Officials of the company who form a committee & give the decision on behalf of the Company during auction.
» Reserve Price / Upset Value:- Value of items under sale as decided by auction committee.
» As is where is: -  As it is.
» MOEF: – Ministry of environment & Forest, Govt. Of India (Valid License) which issues license for recycling of certain scrap material.
» Sale release order: – Confirmation of sale by Company.
» Ground Rent: – Rent recoverable from Purchaser, who fails to lift the purchased material within stipulated time
» Fall of Hammer: – Striking of criers hammer to show that a bid is finally accepted
» Catalogue: – Booklet giving details of auction being held
» Lot: – Group/ Stack of material under sale
» No bid: – No offer received during auction
» Withdraw/deleted: – Remove from the list of items declared for sale
» EMD: – Earnest Money Deposit
» Forfeit: – Penalty for breach of contract
» Subject to Approval: – Decision given after consulting the final authority
» Subject to Confirmation: – Confirmation after consulting the final authority
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