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Reserve price
RESERVE PRICE

Definitions:

i. (British English) The lowest price that somebody will accept for something, especially something that is sold at an auction.

ii. The lowest price which is acceptable to the owner of property being auctioned or sold.
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* All six elements should be in.


1. Purposeful and necessary to have a minimum price placed on item or property. (WORTHINESS.)

2. Specific and identifiable, tens or hundreds or millions - not a range, or an average, or approximate. (DEFINITE.)

3. Chosen or selected by the owner or auctioneer, not by a third or other interested party. (NON-NEGOTIABLE.)

4. Attractive to prospective buyers/purchasers, whatever the currency or conditions of sale, if any. (MEANINGFUL.)

5. Amount will not be higher than the original cost or purchase price, unless a justification exists for such. (NOT FOR PROFIT.)

6. Serves purpose(s). That is, item or property will be picked at auction or bought, at the worst, at price stated. (DISPOSAL.)
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... WHATEVER THE PRICE.

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