What is bidding fee auction in a Business Proposal?

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1. Guest7241
   

   A bidding fee auction in a Business Proposal, also called a penny auction, is a type of auction in which participants must pay a non-refundable fee to place a small incremental bid. When time expires, the last participant to have placed a bid wins the item and also pays the final bid price, which is usually significantly lower than the retail price of the item.
   The auctioneer receives income both in the form of the fees collected for each bid and in the form of payment for the winning bid.

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