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maximum bid?

I've no doubt overlooked the answer to this obvious newbie question, but in any case:

Is the "maximum bid" the only bid that auction sniper places for me? For example... Let's say it is five seconds till the end of an auction, the high bid for an item is $50. I have indicated to auction sniper that my maximum bid is $200. Will auction sniper bid $200, or will it bid just enough to win the auction?
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