How Do You Spell LICITATION?

Pronunciation: [lˌɪsɪtˈe͡ɪʃən] (IPA)

Licitation is a term used in legal proceedings to describe the process of auctioning off property or goods. It is pronounced [lɪsɪˈteɪʃən], with the first syllable being pronounced as "lih," the second syllable being pronounced as "sih," and the final syllable pronounced as "tay-shun." The spelling of this word is derived from the Latin word "licitatio," which means "auction." It is important to note that the word "licitation" is not commonly used in everyday conversation and is typically used in formal legal contexts.

LICITATION Meaning and Definition

1. Licitation refers to a legal process of selling property or assets by means of a public auction or bidding. It is a formal and regulated procedure where interested parties participate in competitive bidding to determine the highest price offered for the goods or assets being sold.

   This term typically applies to the sale of real estate, vehicles, machinery, or other valuable items. The licitation process aims to ensure transparency and fairness while obtaining the best possible price for the property, ensuring that the seller receives its fair market value.

   During a licitation, interested parties usually submit bids in writing or verbally, and the bids are publicly announced and recorded. The auction can be conducted in person or online, depending on the specific rules and regulations of the jurisdiction where the licitation is taking place. The highest bid is accepted as the winning bid, and the winner is obliged to complete the sale and pay the agreed-upon price within a specified period.

   Licitation processes are commonly used in various legal contexts, including foreclosure sales, bankruptcies, estate distributions, and government asset disposals. They provide an equitable and efficient way to sell properties, allowing interested buyers to compete for the purchase while ensuring that the seller receives a fair price.

Common Misspellings for LICITATION

• kicitation
• picitation
• oicitation
• lucitation
• ljcitation
• lkcitation
• locitation
• l9citation
• l8citation
• lixitation
• livitation
• lifitation
• liditation
• licutation
• licjtation
• licktation
• licotation
• lic9tation
• lic8tation

Etymology of LICITATION

The word "licitation" comes from the Latin term "licitatio", which is derived from the verb "liceri", meaning "to bid" or "to offer". In Latin, "licitatio" refers to the act of bidding or making an offer in an auction or public sale. Over time, the term was adopted into various Romance languages, including French and English, with similar meanings. In English, "licitation" typically refers to the process of bidding or offering in a legal context, such as in insolvency proceedings or certain types of sales.