Legal Definitions - licitator

A licitator is an individual or entity who submits an offer or a price during an auction or a sale process. Essentially, it refers to a bidder—someone who proposes a sum of money they are willing to pay for an item, property, or service with the aim of purchasing it if their offer is the highest or most acceptable.

• Example 1: Art Auction
  During a high-profile art auction, a collector raises their paddle to indicate a bid of $500,000 for a rare sculpture. In this scenario, the collector, by actively offering a price for the artwork, is acting as a licitator.

• Example 2: Online Government Surplus Sale
  A small business owner browses an online government surplus website, looking to acquire used office furniture. They place a bid of $500 on a lot of desks and chairs. By submitting this monetary offer in the competitive sale, the business owner functions as a licitator.

• Example 3: Real Estate Foreclosure Auction
  An investor attends a public auction for a foreclosed commercial property. When the auctioneer opens the bidding, the investor calls out an initial offer of $1.2 million for the building. Through this action of proposing a price, the investor assumes the role of a licitator in the sale of the property.