INTERNET AUCTIONS AS A TOOL FOR INTERNATIONAL BUSINESS COMMUNICATION

Abstract

The aim of the article is to analyze the legal and economic aspects of Internet auction operations and to identify the main challenges facing their development in the global economy. The article explores Internet auctions as an emerging form of e-commerce, gaining increasing popularity in the context of globalization and digital economic transformation. One of the key advantages of Internet auctions is the reduction of time costs and the simplification of documentation processes, making them an attractive tool for both public and private sector transactions. The research presents a detailed classification of Internet auctions, covering various types based on participants, legal status, the transparency of bids, and other criteria. It identifies that Internet auctions can be both public, where bids are visible to all participants, and private, where bid information is concealed until the auction ends. Special attention is given to the regulatory aspects of forced and voluntary Internet auctions, as well as their role in government procurement and commercial transactions. The article highlights the need for improving the institutional framework, particularly the development of new regulatory measures to ensure the efficiency of auctions and prevent fraudulent activities.