What is a “conditional bid”?

A conditional bid is one that we execute based on whether or not previous events have taken place. Because of their complexity, they must be placed by calling the RIAC facility. Here are some examples of common conditional bids. “When I hit $20,000, please cancel my remaining bids.” “I’m bidding on two pistols, so if I win the first one please cancel my bids on the second.” “I’m bidding on two pistols, so if I don’t win the first, please make my bid on the second $______.” “If I don’t win lot X, please increase my bid on lot Y.”