> For the complete documentation index, see [llms.txt](https://developers.term.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://developers.term.finance/term-finance-protocol/term-repo/term-auction-group.md).

# 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="/pages/7QPq97l187m3Zrh7mGvo" %}
[Initialization Parameters](/term-finance-protocol/term-repo/term-auction-group/initialization-parameters.md)
{% endcontent-ref %}

{% content-ref url="/pages/deauiUmcrggiBKhitrMD" %}
[Administrative Functions](/term-finance-protocol/term-repo/term-auction-group/administrative-functions.md)
{% 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="/pages/YlhqiAfOxtv0l5sUeDRN#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="/pages/K30Bq9qxsM6pEdqMR7rh#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="/pages/K30Bq9qxsM6pEdqMR7rh#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="/pages/K30Bq9qxsM6pEdqMR7rh#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="/pages/SzYjOft5j7hW20tDTVLY#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="/pages/rocc595kL89fSccUnO93#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="/pages/rocc595kL89fSccUnO93#revealoffers"><code>revealOffers</code></a>: public function to reveal sealed or hashed offer prices</td><td></td></tr></tbody></table>


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