# Term Auction Group

The Term Auction group of contracts contain the logic to handle and process bid and offer submissions, determine an auction clearing price, and to settle and clear a Term Auction. The relationship between the Term Auction Group and the Term Servicer group is many to one. There can be multiple Term Auctions that settle into a single set of contracts belonging to the same Term Servicer Group with the same terms and conditions.

{% content-ref url="term-auction-group/initialization-parameters" %}
[initialization-parameters](https://developers.term.finance/term-finance-protocol/term-repo/term-auction-group/initialization-parameters)
{% endcontent-ref %}

{% content-ref url="term-auction-group/administrative-functions" %}
[administrative-functions](https://developers.term.finance/term-finance-protocol/term-repo/term-auction-group/administrative-functions)
{% endcontent-ref %}

<table><thead><tr><th width="324.3333333333333">Contract</th><th>Key Functions</th><th data-hidden></th></tr></thead><tbody><tr><td><a href="https://github.com/term-finance/term-finance-contracts/blob/main/contracts/TermAuction.sol"><mark style="color:yellow;"><code>TermAuction.sol</code></mark></a></td><td><mark style="color:yellow;">Manages the clearing, settlement and minting of Term Tokens at the conclusion of a Term Auction</mark></td><td></td></tr><tr><td></td><td><a href="../../../0.5.32/term-repo-class/term-auction-group/termauction#completeauction"><code>completeAuction</code></a>: public function that settles and clears an auction and mints term repo tokens to lenders who are assigned a loan in auction given a clearing rate and arrays of validly submitted bids and offers</td><td></td></tr><tr><td><a href="https://github.com/term-finance/term-finance-contracts/blob/main/contracts/TermAuctionBidLocker.sol"><mark style="color:yellow;"><code>TermAuctionBidLocker.sol</code></mark></a></td><td><mark style="color:yellow;">Manages Term Auction bid submissions (to borrow)</mark></td><td></td></tr><tr><td></td><td><a href="../../../0.5.31/term-repo-class/term-auction-group/termauctionbidlocker#lockbids"><code>lockBids</code></a>: callable by participants to tender or submit sealed or hashed auction bids</td><td></td></tr><tr><td></td><td><a href="../../../0.5.31/term-repo-class/term-auction-group/termauctionbidlocker#unlockbids"><code>unlockBids</code></a>: callable by participants to cancel sealed or hashed auction bids</td><td></td></tr><tr><td></td><td><a href="../../../0.5.31/term-repo-class/term-auction-group/termauctionbidlocker#revealbids"><code>revealBids</code></a>: public function to reveal sealed or hashed bid prices</td><td></td></tr><tr><td><a href="https://github.com/term-finance/term-finance-contracts/blob/main/contracts/TermAuctionOfferLocker.sol"><mark style="color:yellow;"><code>TermAuctionOfferLocker.sol</code></mark></a></td><td><mark style="color:yellow;">Manages Term Auction offer submissions (to lend)</mark></td><td></td></tr><tr><td></td><td><a href="../../../latest/term-repo-class/term-auction-group/termauctionofferlocker#lockoffers"><code>lockOffers</code></a>: callable by participants to tender or submit a sealed or hashed auction offer</td><td></td></tr><tr><td></td><td><a href="../../../0.5.31/term-repo-class/term-auction-group/termauctionofferlocker#unlockoffers"><code>unlockOffers</code></a>: callable by participants to cancel a sealed or hashed auction offer</td><td></td></tr><tr><td></td><td><a href="../../../0.5.31/term-repo-class/term-auction-group/termauctionofferlocker#revealoffers"><code>revealOffers</code></a>: public function to reveal sealed or hashed offer prices</td><td></td></tr></tbody></table>