licitation

noun
lic·​i·​ta·​tion | \ˌli-sə-ˈtā-shən\

Legal Definition of licitation 

: the act of offering for sale or bidding at an auction specifically, in the civil law of Louisiana : a mode of partitioning property held in common by sale at auction

History and Etymology for licitation

Latin licitatio, from licitari to bid a price, from licere to be for sale

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