Two-tier bidding system definition
Two-tier bidding system means a public auction pro- cedure under which a first tier of bidding open to the general public is conducted to establish the highest initial bid. A sec- ond tier of bidding is then held in which the preference right lessee can match the bid of the party holding the highest initial bid and any subsequent raises by the initial highest bidder until no higher bid is made or the preference rights lessee refuses to match a raise in bid.