uniform price auction
noun[C]
ukus(alsoDutch auction)COMMERCE
apublicsalein which afixednumberofsimilarthings aresoldat the sameprice. Eachbuyerasksfor aparticularamountandoffersaparticularpricethat they arewillingtopay. Thebuyerthatoffersthe most is the first toreceivethegoodsthat they haveaskedfor, and then thegoodsaresoldto otherbuyersinorder,accordingto how much they haveoffered, until all thegoodsare gone. Thepriceof thegoodsis thenfixedat alevelthat is the same for everybuyer:
Thesalewill beconductedas auniformpriceauction, andprospectivebuyerswill beaskedtosubmitsealedbids.