DUMB BIDDING
dumb bidding. An auction bidding process in which the minimum acceptance price is placed under the object for sale ¡ª unbeknownst to the bidders ¡ª and no bids are accepted until they meet that price. ? Dumb bidding was initially intended to avoid the taxes imposed on auction sales by the statute of 1779, 19 Geo. 3, ch. 56, ¡ì¡ì 5¨C6, but the courts determined that the practice was fraudulent. [Cases: Auctions and Auctioneers
7. C.J.S. Auctions and Auctioneers ¡ì¡ì 2, 8¨C17.]
How do bilingual lawyers in China usually translate the term DUMB BIDDING?
About LegalLingo
LegalLingo, a Shanghai-based translation agency, is a recognized leader in comprehensive legal language solutions for the legal industry. We provide the world’s leading law firms and corporate legal teams with a full suite of services, ranging from the translation of contracts and compliance documentation to full-scale multilingual litigation requiring certified translation and Chinese document review. We deliver customized legal document translation solutions based on your case’s size and budget requirements, utilizing industry-leading technology to ensure accuracy, lower costs and faster turnaround times.
