> For the complete documentation index, see [llms.txt](https://dev.bondprotocol.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://dev.bondprotocol.finance/smart-contracts/bond-system/auctioneer/sequential-dutch-auctioneer-sda/fixed-term-sda.md).

# Fixed-Term SDA

### Fixed-Term SDA Contract

The Fixed-Term SDA is an implementation of the [Base SDA](/smart-contracts/bond-system/auctioneer/sequential-dutch-auctioneer-sda.md) contract specific to creating fixed-term bond markets. 

There are no additional actions required on market creation since the ERC1155 tokens get created by the Teller on the first purchase of each day. 

As such, this can be thought of as a non-abstract implementation of the Base SDA Auctioneer.