Auction events can be very exciting and fun to participate in. But getting into auctions would take more than just your excellent bargaining powers. You might need to arm yourself with the necessary knowledge to keep you always at pace with everything that is happening at the auction floor. One of the things that you should learn are the usual auction terms that you will find yourself hearing during such events. Here is a list of some of them.

As Is- a term that is a short cut for “as is, where is”. This will usually be the term that you will hear on some of the auctioned items that are being sold with no returning privileges for the buyer.

Bid Cancellation- term used to denote the cancellation of the bid by the seller. This can be done in such circumstances where the seller feels that a certain transaction with the winning bidder may not be completed.

Bid Retraction- this denotes the cancellation of the legitimate bid by the buyer citing a number of valid reasons.

Caveat Emptor- a Latin phrase that means “Let the buyer beware”.

Escrow- term used for money that is held in trust by a their party for both the seller and the buyer for security purposes until the successful delivery of the item to the bid winner.

Final Value Fee- this is the commission that the seller pays to an auction service after a certain item or items have been successfully sold.

Grading- this is the process of trying to determine the physical condition of a certain items, with different grading systems used for the different items available at the auction.

Lots- the term used to refer to the item or set of items being put up for auction.

Market Value- the perceived maximum value of a certain item will fetch at the open market.

Maximum Bid- the highest price that a buyer will pay for a certain item.

Minimum Opening Bid- the starting bid that is set by the seller for an item at a given auction.

Outbid- the term used for a buyer submitting a bid higher than that of another buyer.

S and H Charges- the shortcut term used at auctions denoting shipping and handling charges.

Terms of Service- this is the binding agreement that the different parties at the auction must agree upon. It usually outlines the auction service's operating policies that both buyers and sellers must always abide by.

User Info Request- this is a request for background information that both the sellers and buyers are entitled to. This will be able to provide personal information from any party at the auction such as a phone number or business address.