Article 447. The conclusion of the contract at the auction.
1. A contract, unless otherwise provided by its substance, may be concluded by means of tendering. The contract is with the person who won the auction. 2. As the organizer of the auction can be the owner of the thing or the owner of the property right or a specialized organization. A specialized organization acts on the basis of a contract with the owner of the thing or the owner of the property right and acts on their behalf or on their own behalf. 3. In the cases specified in this Code or other law, contracts for the sale of a thing or property right can be concluded only by means of tendering. 4. Bidding is conducted in the form of an auction or tender. The winning bidder is recognized as the person who offered the highest price, and the bidder is the person who, according to the conclusion of the bidding committee appointed in advance by the bidding organizer, offered the best conditions. The form of the auction is determined by the owner of the thing being sold or the owner of the real property right, unless otherwise provided by law. 5. An auction and a tender in which only one participant participated shall be deemed invalid. 6. The rules provided for in Articles 448 and 449 of this Code shall apply to public auction held in the order of execution of a court decision, unless otherwise provided by procedural legislation.
Links to other articles of chapter 28. Conclusion of a contract: