# Auction timeline

The timeline of a typical Term auction begins on the [announcement date ](https://docs.term.finance/protocol/terminology#announcement-date)where the details and terms of an auction are announced and ends on the [auction date](https://docs.term.finance/protocol/terminology#auction-date) where assigned [bids ](https://docs.term.finance/protocol/terminology#bid)and [offers](https://docs.term.finance/protocol/terminology#offer) are settled. 

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<summary>Announcement Date</summary>

The announcement date is the date on which the date of an upcoming auction is set and the terms of the underlying [Term Repo](https://docs.term.finance/protocol/term-repos) are fixed and deployed. Auctions will typically be announced and deployed at least a week in advance of the [auction date](https://docs.term.finance/protocol/terminology#auction-date). Users will be able to view and search auctions on the user interface with details specifying the (i) term of the repo transactions up for auction, (ii) the [purchase token ](https://docs.term.finance/term-repos/terminology#purchase-token)and [collateral tokens](https://docs.term.finance/term-repos/terminology#collateral-token) involved in the transaction, (iii) the [initial ](https://docs.term.finance/term-repos/terminology#initial-margin-ratio)and [maintenance ](https://docs.term.finance/term-repos/terminology#maintenance-margin-ratio)margin ratios, as well as (iv) any applicable fees.

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<summary>Auction Window</summary>

The auction window is the period of time during which [bids ](https://docs.term.finance/protocol/terminology#bid)and [offers](https://docs.term.finance/protocol/terminology#offer) may be tendered for consideration in a [Term auction](https://docs.term.finance/protocol/term-auctions) by calling the public  `lockBids`or `lockOffers` functions. The auction window typically begins 12-24 hours prior to the [auction time](https://docs.term.finance/protocol/terminology#auction-time) on the [auction date](https://docs.term.finance/protocol/terminology#auction-date). Submissions of [bids ](https://docs.term.finance/protocol/terminology#bid)and [offers](https://docs.term.finance/protocol/terminology#offer) are only allowed during the auction window. Any validly submitted [bid ](https://docs.term.finance/protocol/terminology#bid)or [offer](https://docs.term.finance/protocol/terminology#offer) will be considered in the auction. Any submitted tender may be edited or canceled during the auction window.

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<summary>Reveal Period</summary>

The [reveal period ](https://docs.term.finance/protocol/terminology#reveal-period)is the process in which hashed bid and offer prices on chain are revealed by Protocol keepers. On-chain validation measures are taken to ensure that revealed prices match the hashes recorded in the Protocol to prevent tampering. The reveal period begins once the open period ends and an auction is closed to further tenders. The logic behind reveals are available for inspection through the `revealBid` and `revealOffer` functions.

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