auction failure; bid failure
Meanings
2 senses · 6 examplesverb
to fail to sell; to go unsold
neutralRefers specifically to an auction item not receiving any bids that meet the reserve price or no bids at all, resulting in no sale.
Due to the excessively high starting price, this painting ultimately failed to sell.
Several antiques went unsold at the auction, disappointing the organizers somewhat.
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This auction was very successful, with not a single item failing to sell.
verb
to fail; to be unsuccessful
neutralUsed in the context of public tenders or bidding processes where no submitted bid meets the necessary technical specifications, legal requirements, or budgetary constraints, causing the entire project to be canceled or re-tendered.
Because none of the bidders met the qualification requirements, this government project ultimately failed.
This is the third time this project has failed to receive a successful bid, seriously impacting the construction schedule.
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To avoid a bid failure, the tendering party revised some of the technical requirements.