Page 368 - Important Provisions of The New Civil Code

Article 1476. In the case of a sale by auction:

(1) Where goods are put up for sale by

auction in lots, each lot is the subject of a

separate contract of sale.

(2) A sale by auction is perfected when the

auctioneer announces its perfection by the

fall of the hammer, or in other customary

manner. Until such announcement is made,

any bidder may retract his bid; and the

auctioneer may withdraw the goods from

the sale unless the auction has been

announced to be without reserve.

(3) A right to bid may be reserved expressly

by or on behalf of the seller, unless

otherwise provided by law or by stipulation.