These are the auction terms. These terms are shown to the bidders when they attempt to place their first bid in the auction. The bidders are forced to read through and accept these terms before they can place their first bid or purchase a buy-it-now item.

Demo Auction with 'Open Bidding' Display Format. The inventory has 2 bid boxes per item - Next required bid & Maximum bid. The maximum bid is optional. 

This is a standard auction display format that has 2 bid boxes per item - Next required bid & Maximum bid