Article 78 of Civil Code

1 - In auctions, a bidder remains bound by his bid until another bidder submits a better bid, or until the auction closes without an award to anyone, if his bid is the best. Index of the Law 952 Home Page Civil Code Decree-Law No. 67 of 1980 AD Promulgating the Civil Code 2 - The invalidity or rejection of the better bid does not prevent the lapse of the earlier bid by reason of that better bid. 3 - The contract is concluded upon the award of the auction. Nevertheless, if the terms of the auction require ratification of its award, such ratification must be effected for the contract to be concluded. The contract is then deemed concluded as of the date of the award of the auction. - All of the foregoing applies unless a contrary intention is apparent from the intent of the contracting parties or the law provides otherwise.