2. The trustor refers to a citizen, legal person or other organization that entrusts an auctioneer to auction goods or property rights. A "customer" is sometimes called a seller.

3 "Bidder" refers to the citizens, legal persons or other organizations that bid for the auction target.

4. "Buyer" refers to the bidder who obtained the auction target at the highest bid price.

5. "Bidder" and "Buyer" are sometimes called buyers. auction

6. The auction target shall be the articles or property rights owned by the trustor or which can be disposed of according to law.

7. "Transaction price", also known as "hammer price", refers to the price at which the auctioneer decides to sell the auction target to the buyer. 8. "Reference price", also known as "estimate", refers to the express price of each auction target printed by our company. The price is determined by the company, not the final selling price.

9. The "auction reserve price" refers to the lowest selling price agreed between the company and the client on the auction target entrusted by the company and indicated in the power of attorney.

10, "auction target" refers to the auction target that has been auctioned.

1 1 and "commission", also known as "agency fee", refer to the service fees charged by the company to customers and buyers after the transaction is completed according to relevant laws and regulations.

12. "Auction proceeds" refers to the net amount of money paid by the Company to the client for the sale of the auction target after the auction is completed, that is, the balance after the transaction price is deducted from the commission and accrued expenses payable to the client.

13. "Auctioneer" refers to the person who holds the qualification certificate of auctioneer and presides over auction activities.