diff --git a/Cargo.lock b/Cargo.lock
index 4a5d49c224..7c0c4ce266 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -836,6 +836,14 @@ version = "1.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "baf1de4339761588bc0619e3cbc0120ee582ebb74b53b4efbf79117bd2da40fd"
 
+[[package]]
+name = "change_bid_public_key"
+version = "0.1.0"
+dependencies = [
+ "casper-contract",
+ "casper-types",
+]
+
 [[package]]
 name = "clap"
 version = "2.34.0"
@@ -5995,14 +6003,6 @@ dependencies = [
  "casper-types",
 ]
 
-[[package]]
-name = "transfer_validator"
-version = "0.1.0"
-dependencies = [
- "casper-contract",
- "casper-types",
-]
-
 [[package]]
 name = "try-lock"
 version = "0.2.4"
diff --git a/execution_engine/src/runtime/mod.rs b/execution_engine/src/runtime/mod.rs
index 95b224b8dd..5b81b90567 100644
--- a/execution_engine/src/runtime/mod.rs
+++ b/execution_engine/src/runtime/mod.rs
@@ -994,16 +994,15 @@ where
                 CLValue::from_t(()).map_err(Self::reverter)
             })(),
 
-            auction::METHOD_TRANSFER_VALIDATOR => (|| {
-                runtime.charge_system_contract_call(auction_costs.transfer_validator)?;
+            auction::METHOD_CHANGE_BID_PUBLIC_KEY => (|| {
+                runtime.charge_system_contract_call(auction_costs.change_bid_public_key)?;
 
-                let validator_public_key =
-                    Self::get_named_argument(runtime_args, auction::ARG_VALIDATOR)?;
-                let new_validator_public_key =
-                    Self::get_named_argument(runtime_args, auction::ARG_NEW_VALIDATOR)?;
+                let public_key = Self::get_named_argument(runtime_args, auction::ARG_PUBLIC_KEY)?;
+                let new_public_key =
+                    Self::get_named_argument(runtime_args, auction::ARG_NEW_PUBLIC_KEY)?;
 
                 runtime
-                    .transfer_validator(validator_public_key, new_validator_public_key)
+                    .change_bid_public_key(public_key, new_public_key)
                     .map_err(Self::reverter)?;
 
                 CLValue::from_t(()).map_err(Self::reverter)
diff --git a/execution_engine_testing/tests/src/test/system_contracts/auction/bids.rs b/execution_engine_testing/tests/src/test/system_contracts/auction/bids.rs
index 35137984cc..16473cb456 100644
--- a/execution_engine_testing/tests/src/test/system_contracts/auction/bids.rs
+++ b/execution_engine_testing/tests/src/test/system_contracts/auction/bids.rs
@@ -21,6 +21,7 @@ use casper_execution_engine::{
 };
 use casper_storage::data_access_layer::GenesisRequest;
 
+use casper_types::system::auction::ARG_NEW_PUBLIC_KEY;
 use casper_types::{
     self,
     account::AccountHash,
@@ -48,7 +49,7 @@ const CONTRACT_WITHDRAW_BID: &str = "withdraw_bid.wasm";
 const CONTRACT_DELEGATE: &str = "delegate.wasm";
 const CONTRACT_UNDELEGATE: &str = "undelegate.wasm";
 const CONTRACT_REDELEGATE: &str = "redelegate.wasm";
-const CONTRACT_TRANSFER_VALIDATOR: &str = "transfer_validator.wasm";
+const CONTRACT_CHANGE_BID_PUBLIC_KEY: &str = "change_bid_public_key.wasm";
 
 const TRANSFER_AMOUNT: u64 = MINIMUM_ACCOUNT_CREATION_BALANCE + 1000;
 
@@ -4354,7 +4355,7 @@ fn should_increase_existing_delegation_when_limit_exceeded() {
 
 #[ignore]
 #[test]
-fn should_fail_transfer_if_conflicting_validator_bid_exists() {
+fn should_fail_bid_public_key_change_if_conflicting_validator_bid_exists() {
     let system_fund_request = ExecuteRequestBuilder::standard(
         *DEFAULT_ACCOUNT_ADDR,
         CONTRACT_TRANSFER_TO_ACCOUNT,
@@ -4450,10 +4451,10 @@ fn should_fail_transfer_if_conflicting_validator_bid_exists() {
 
     let validator_1_transfer_request = ExecuteRequestBuilder::standard(
         *NON_FOUNDER_VALIDATOR_1_ADDR,
-        CONTRACT_TRANSFER_VALIDATOR,
+        CONTRACT_CHANGE_BID_PUBLIC_KEY,
         runtime_args! {
-            ARG_VALIDATOR => NON_FOUNDER_VALIDATOR_1_PK.clone(),
-            ARG_NEW_VALIDATOR => NON_FOUNDER_VALIDATOR_2_PK.clone()
+            ARG_PUBLIC_KEY => NON_FOUNDER_VALIDATOR_1_PK.clone(),
+            ARG_NEW_PUBLIC_KEY => NON_FOUNDER_VALIDATOR_2_PK.clone()
         },
     )
     .build();
@@ -4464,12 +4465,12 @@ fn should_fail_transfer_if_conflicting_validator_bid_exists() {
     assert!(matches!(
         error,
         Error::Exec(execution::Error::Revert(ApiError::AuctionError(auction_error)))
-        if auction_error == AuctionError::TransferValidatorBid as u8));
+        if auction_error == AuctionError::ChangeBidPublicKey as u8));
 }
 
 #[ignore]
 #[test]
-fn should_transfer_validator_bid() {
+fn should_change_validator_bid_public_key() {
     let system_fund_request = ExecuteRequestBuilder::standard(
         *DEFAULT_ACCOUNT_ADDR,
         CONTRACT_TRANSFER_TO_ACCOUNT,
@@ -4582,10 +4583,10 @@ fn should_transfer_validator_bid() {
 
     let validator_1_transfer_request = ExecuteRequestBuilder::standard(
         *NON_FOUNDER_VALIDATOR_1_ADDR,
-        CONTRACT_TRANSFER_VALIDATOR,
+        CONTRACT_CHANGE_BID_PUBLIC_KEY,
         runtime_args! {
-            ARG_VALIDATOR => NON_FOUNDER_VALIDATOR_1_PK.clone(),
-            ARG_NEW_VALIDATOR => NON_FOUNDER_VALIDATOR_2_PK.clone()
+            ARG_PUBLIC_KEY => NON_FOUNDER_VALIDATOR_1_PK.clone(),
+            ARG_NEW_PUBLIC_KEY => NON_FOUNDER_VALIDATOR_2_PK.clone()
         },
     )
     .build();
diff --git a/resources/local/chainspec.toml.in b/resources/local/chainspec.toml.in
index 0d838b76ca..057ab9fcde 100644
--- a/resources/local/chainspec.toml.in
+++ b/resources/local/chainspec.toml.in
@@ -287,7 +287,7 @@ withdraw_validator_reward = 10_000
 read_era_id = 10_000
 activate_bid = 10_000
 redelegate = 2_500_000_000
-transfer_validator = 2_500_000_000
+change_bid_public_key = 2_500_000_000
 
 [system_costs.mint_costs]
 mint = 2_500_000_000
diff --git a/resources/production/chainspec.toml b/resources/production/chainspec.toml
index 40ce6431f9..cb638a44d6 100644
--- a/resources/production/chainspec.toml
+++ b/resources/production/chainspec.toml
@@ -298,7 +298,7 @@ withdraw_validator_reward = 10_000
 read_era_id = 10_000
 activate_bid = 10_000
 redelegate = 2_500_000_000
-transfer_validator = 2_500_000_000
+change_bid_public_key = 2_500_000_000
 
 [system_costs.mint_costs]
 mint = 2_500_000_000
diff --git a/resources/test/valid/0_9_0/chainspec.toml b/resources/test/valid/0_9_0/chainspec.toml
index e8ed32aaa8..cd02443c1c 100644
--- a/resources/test/valid/0_9_0/chainspec.toml
+++ b/resources/test/valid/0_9_0/chainspec.toml
@@ -165,7 +165,7 @@ withdraw_validator_reward = 10_000
 read_era_id = 10_000
 activate_bid = 10_000
 redelegate = 10_000
-transfer_validator = 10_000
+change_bid_public_key = 10_000
 
 [system_costs.mint_costs]
 mint = 2_500_000_000
diff --git a/resources/test/valid/0_9_0_unordered/chainspec.toml b/resources/test/valid/0_9_0_unordered/chainspec.toml
index a5ee6e6055..47d6bb5665 100644
--- a/resources/test/valid/0_9_0_unordered/chainspec.toml
+++ b/resources/test/valid/0_9_0_unordered/chainspec.toml
@@ -163,7 +163,7 @@ withdraw_validator_reward = 10_000
 read_era_id = 10_000
 activate_bid = 10_000
 redelegate = 10_000
-transfer_validator = 10_000
+change_bid_public_key = 10_000
 
 [system_costs.mint_costs]
 mint = 2_500_000_000
diff --git a/resources/test/valid/1_0_0/chainspec.toml b/resources/test/valid/1_0_0/chainspec.toml
index 9505b595a2..877dc6cee7 100644
--- a/resources/test/valid/1_0_0/chainspec.toml
+++ b/resources/test/valid/1_0_0/chainspec.toml
@@ -166,7 +166,7 @@ withdraw_validator_reward = 10_000
 read_era_id = 10_000
 activate_bid = 10_000
 redelegate = 10_000
-transfer_validator = 10_000
+change_bid_public_key = 10_000
 
 [system_costs.mint_costs]
 mint = 2_500_000_000
diff --git a/smart_contracts/contracts/client/transfer_validator/Cargo.toml b/smart_contracts/contracts/client/change_bid_public_key/Cargo.toml
similarity index 80%
rename from smart_contracts/contracts/client/transfer_validator/Cargo.toml
rename to smart_contracts/contracts/client/change_bid_public_key/Cargo.toml
index 870e852b2e..d6f5efaf26 100644
--- a/smart_contracts/contracts/client/transfer_validator/Cargo.toml
+++ b/smart_contracts/contracts/client/change_bid_public_key/Cargo.toml
@@ -1,11 +1,11 @@
 [package]
-name = "transfer_validator"
+name = "change_bid_public_key"
 version = "0.1.0"
 authors = ["Maciej Wójcik <mwojcik@teonite.com>"]
 edition = "2018"
 
 [[bin]]
-name = "transfer_validator"
+name = "change_bid_public_key"
 bench = false
 doctest = false
 test = false
diff --git a/smart_contracts/contracts/client/change_bid_public_key/src/main.rs b/smart_contracts/contracts/client/change_bid_public_key/src/main.rs
new file mode 100644
index 0000000000..be0a8547f5
--- /dev/null
+++ b/smart_contracts/contracts/client/change_bid_public_key/src/main.rs
@@ -0,0 +1,32 @@
+#![no_std]
+#![no_main]
+
+extern crate alloc;
+
+use casper_contract::contract_api::{runtime, system};
+use casper_types::{
+    runtime_args,
+    system::auction::{ARG_NEW_PUBLIC_KEY, ARG_PUBLIC_KEY, METHOD_CHANGE_BID_PUBLIC_KEY},
+    PublicKey,
+};
+
+fn change_bid_public_key(public_key: PublicKey, new_public_key: PublicKey) {
+    let contract_hash = system::get_auction();
+    let args = runtime_args! {
+        ARG_PUBLIC_KEY => public_key,
+        ARG_NEW_PUBLIC_KEY => new_public_key
+    };
+    runtime::call_contract::<()>(contract_hash, METHOD_CHANGE_BID_PUBLIC_KEY, args);
+}
+
+// Change validator bid public key.
+//
+// Accepts current bid's public key and new public key.
+// Updates existing validator bid and all related delegator bids with
+// the new public key.
+#[no_mangle]
+pub extern "C" fn call() {
+    let public_key = runtime::get_named_arg(ARG_PUBLIC_KEY);
+    let new_public_key = runtime::get_named_arg(ARG_NEW_PUBLIC_KEY);
+    change_bid_public_key(public_key, new_public_key);
+}
diff --git a/smart_contracts/contracts/client/transfer_validator/src/main.rs b/smart_contracts/contracts/client/transfer_validator/src/main.rs
deleted file mode 100644
index eb8d079b62..0000000000
--- a/smart_contracts/contracts/client/transfer_validator/src/main.rs
+++ /dev/null
@@ -1,32 +0,0 @@
-#![no_std]
-#![no_main]
-
-extern crate alloc;
-
-use casper_contract::contract_api::{runtime, system};
-use casper_types::{
-    runtime_args,
-    system::auction::{ARG_NEW_VALIDATOR, ARG_VALIDATOR, METHOD_TRANSFER_VALIDATOR},
-    PublicKey,
-};
-
-fn transfer_validator(validator: PublicKey, new_validator: PublicKey) {
-    let contract_hash = system::get_auction();
-    let args = runtime_args! {
-        ARG_VALIDATOR => validator,
-        ARG_NEW_VALIDATOR => new_validator
-    };
-    runtime::call_contract::<()>(contract_hash, METHOD_TRANSFER_VALIDATOR, args);
-}
-
-// Transfer validator.
-//
-// Accepts current validator's public key and new validator's public key.
-// Updates existing validator bid and all related delegator bids with
-// the new validator's public key.
-#[no_mangle]
-pub extern "C" fn call() {
-    let validator = runtime::get_named_arg(ARG_VALIDATOR);
-    let new_validator = runtime::get_named_arg(ARG_NEW_VALIDATOR);
-    transfer_validator(validator, new_validator);
-}
diff --git a/storage/src/system/auction.rs b/storage/src/system/auction.rs
index 383f350237..bdc98d9d9d 100644
--- a/storage/src/system/auction.rs
+++ b/storage/src/system/auction.rs
@@ -700,39 +700,38 @@ pub trait Auction:
         }
     }
 
-    /// Updates a `ValidatorBid` and all related delegator bids to use a new validator public key.
+    /// Updates a `ValidatorBid` and all related delegator bids to use a new public key.
     ///
-    /// This in effect "transfers" a validator along with its stake and all delegators
+    /// This in effect "transfers" a validator bid along with its stake and all delegators
     /// from one public key to another.
-    /// This method can only be called by the existing validator.
+    /// This method can only be called by the account associated with the current `ValidatorBid`.
     ///
-    /// The arguments are the existing validator's key and the new validator's key.
-    fn transfer_validator(
+    /// The arguments are the existing bids's 'validator_public_key' and the new public key.
+    fn change_bid_public_key(
         &mut self,
-        validator_public_key: PublicKey,
-        new_validator_public_key: PublicKey,
+        public_key: PublicKey,
+        new_public_key: PublicKey,
     ) -> Result<(), Error> {
-        let validator_account_hash =
-            AccountHash::from_public_key(&validator_public_key, |x| self.blake2b(x));
+        let validator_account_hash = AccountHash::from_public_key(&public_key, |x| self.blake2b(x));
 
-        // check that the caller is the existing validator
+        // check that the caller is the current bid's owner
         if !self.is_allowed_session_caller(&validator_account_hash) {
             return Err(Error::InvalidContext);
         }
 
-        // verify that a bid for existing validator exists
-        let validator_bid_addr = BidAddr::from(validator_public_key.clone());
+        // verify that a bid for given public key exists
+        let validator_bid_addr = BidAddr::from(public_key.clone());
         let mut validator_bid = read_validator_bid(self, &validator_bid_addr.into())?;
 
-        // verify that a bid for new validator does not exist yet
-        let new_validator_bid_addr = BidAddr::from(new_validator_public_key.clone());
+        // verify that a bid for the new key does not exist yet
+        let new_validator_bid_addr = BidAddr::from(new_public_key.clone());
         if self.read_bid(&new_validator_bid_addr.into())?.is_some() {
-            return Err(Error::TransferValidatorBid);
+            return Err(Error::ChangeBidPublicKey);
         }
 
         debug!("transferring validator bid from {validator_bid_addr} to {new_validator_bid_addr}");
 
-        validator_bid.with_validator_public_key(new_validator_public_key.clone());
+        validator_bid.with_validator_public_key(new_public_key.clone());
         self.write_bid(
             new_validator_bid_addr.into(),
             BidKind::Validator(validator_bid),
@@ -741,18 +740,16 @@ pub trait Auction:
         debug!("pruning validator bid {}", validator_bid_addr);
         self.prune_bid(validator_bid_addr);
 
-        debug!("transferring delegator bids from validator {validator_bid_addr} to {new_validator_bid_addr}");
-        let delegators = read_delegator_bids(self, &validator_public_key)?;
+        debug!("transferring delegator bids from validator bid {validator_bid_addr} to {new_validator_bid_addr}");
+        let delegators = read_delegator_bids(self, &public_key)?;
         for mut delegator in delegators {
             let delegator_public_key = delegator.delegator_public_key().clone();
             let delegator_bid_addr =
-                BidAddr::new_from_public_keys(&validator_public_key, Some(&delegator_public_key));
+                BidAddr::new_from_public_keys(&public_key, Some(&delegator_public_key));
 
-            delegator.with_validator_public_key(new_validator_public_key.clone());
-            let new_delegator_bid_addr = BidAddr::new_from_public_keys(
-                &new_validator_public_key,
-                Some(&delegator_public_key),
-            );
+            delegator.with_validator_public_key(new_public_key.clone());
+            let new_delegator_bid_addr =
+                BidAddr::new_from_public_keys(&new_public_key, Some(&delegator_public_key));
 
             self.write_bid(
                 new_delegator_bid_addr.into(),
diff --git a/types/src/chainspec/vm_config/auction_costs.rs b/types/src/chainspec/vm_config/auction_costs.rs
index 16648a2e88..fe101ffe90 100644
--- a/types/src/chainspec/vm_config/auction_costs.rs
+++ b/types/src/chainspec/vm_config/auction_costs.rs
@@ -38,8 +38,8 @@ pub const DEFAULT_WITHDRAW_VALIDATOR_REWARD_COST: u32 = 10_000;
 pub const DEFAULT_READ_ERA_ID_COST: u32 = 10_000;
 /// Default cost of the `activate_bid` auction entry point.
 pub const DEFAULT_ACTIVATE_BID_COST: u32 = 10_000;
-/// Default cost of the `transfer_validator` auction entry point.
-pub const DEFAULT_TRANSFER_VALIDATOR_COST: u32 = 2_500_000_000;
+/// Default cost of the `change_bid_public_key` auction entry point.
+pub const DEFAULT_CHANGE_BID_PUBLIC_KEY_COST: u32 = 2_500_000_000;
 
 /// Description of the costs of calling auction entrypoints.
 #[derive(Clone, Copy, PartialEq, Eq, Serialize, Deserialize, Debug)]
@@ -74,8 +74,8 @@ pub struct AuctionCosts {
     pub activate_bid: u32,
     /// Cost of calling the `redelegate` entry point.
     pub redelegate: u32,
-    /// Cost of calling the `transfer_validator` entry point.
-    pub transfer_validator: u32,
+    /// Cost of calling the `change_bid_public_key` entry point.
+    pub change_bid_public_key: u32,
 }
 
 impl Default for AuctionCosts {
@@ -95,7 +95,7 @@ impl Default for AuctionCosts {
             read_era_id: DEFAULT_READ_ERA_ID_COST,
             activate_bid: DEFAULT_ACTIVATE_BID_COST,
             redelegate: DEFAULT_REDELEGATE_COST,
-            transfer_validator: DEFAULT_TRANSFER_VALIDATOR_COST,
+            change_bid_public_key: DEFAULT_CHANGE_BID_PUBLIC_KEY_COST,
         }
     }
 }
@@ -119,7 +119,7 @@ impl ToBytes for AuctionCosts {
             read_era_id,
             activate_bid,
             redelegate,
-            transfer_validator,
+            change_bid_public_key,
         } = self;
 
         ret.append(&mut get_era_validators.to_bytes()?);
@@ -136,7 +136,7 @@ impl ToBytes for AuctionCosts {
         ret.append(&mut read_era_id.to_bytes()?);
         ret.append(&mut activate_bid.to_bytes()?);
         ret.append(&mut redelegate.to_bytes()?);
-        ret.append(&mut transfer_validator.to_bytes()?);
+        ret.append(&mut change_bid_public_key.to_bytes()?);
 
         Ok(ret)
     }
@@ -157,7 +157,7 @@ impl ToBytes for AuctionCosts {
             read_era_id,
             activate_bid,
             redelegate,
-            transfer_validator,
+            change_bid_public_key,
         } = self;
 
         get_era_validators.serialized_length()
@@ -174,7 +174,7 @@ impl ToBytes for AuctionCosts {
             + read_era_id.serialized_length()
             + activate_bid.serialized_length()
             + redelegate.serialized_length()
-            + transfer_validator.serialized_length()
+            + change_bid_public_key.serialized_length()
     }
 }
 
@@ -194,7 +194,7 @@ impl FromBytes for AuctionCosts {
         let (read_era_id, rem) = FromBytes::from_bytes(rem)?;
         let (activate_bid, rem) = FromBytes::from_bytes(rem)?;
         let (redelegate, rem) = FromBytes::from_bytes(rem)?;
-        let (transfer_validator, rem) = FromBytes::from_bytes(rem)?;
+        let (change_bid_public_key, rem) = FromBytes::from_bytes(rem)?;
         Ok((
             Self {
                 get_era_validators,
@@ -211,7 +211,7 @@ impl FromBytes for AuctionCosts {
                 read_era_id,
                 activate_bid,
                 redelegate,
-                transfer_validator,
+                change_bid_public_key,
             },
             rem,
         ))
@@ -236,7 +236,7 @@ impl Distribution<AuctionCosts> for Standard {
             read_era_id: rng.gen(),
             activate_bid: rng.gen(),
             redelegate: rng.gen(),
-            transfer_validator: rng.gen(),
+            change_bid_public_key: rng.gen(),
         }
     }
 }
@@ -264,7 +264,7 @@ pub mod gens {
             read_era_id in num::u32::ANY,
             activate_bid in num::u32::ANY,
             redelegate in num::u32::ANY,
-            transfer_validator in num::u32::ANY,
+            change_bid_public_key in num::u32::ANY,
         ) -> AuctionCosts {
             AuctionCosts {
                 get_era_validators,
@@ -281,7 +281,7 @@ pub mod gens {
                 read_era_id,
                 activate_bid,
                 redelegate,
-                transfer_validator,
+                change_bid_public_key,
             }
         }
     }
diff --git a/types/src/system/auction/constants.rs b/types/src/system/auction/constants.rs
index 2032909dda..b3cc177eaa 100644
--- a/types/src/system/auction/constants.rs
+++ b/types/src/system/auction/constants.rs
@@ -20,8 +20,10 @@ pub const BLOCK_REWARD: u64 = 1_000_000_000_000;
 pub const ARG_AMOUNT: &str = "amount";
 /// Named constant for `delegation_rate`.
 pub const ARG_DELEGATION_RATE: &str = "delegation_rate";
-/// Named constant for `account_hash`.
+/// Named constant for `public_key`.
 pub const ARG_PUBLIC_KEY: &str = "public_key";
+/// Named constant for `new_public_key`.
+pub const ARG_NEW_PUBLIC_KEY: &str = "new_public_key";
 /// Named constant for `validator`.
 pub const ARG_VALIDATOR: &str = "validator";
 /// Named constant for `delegator`.
@@ -81,8 +83,8 @@ pub const METHOD_DISTRIBUTE: &str = "distribute";
 pub const METHOD_READ_ERA_ID: &str = "read_era_id";
 /// Named constant for method `activate_bid`.
 pub const METHOD_ACTIVATE_BID: &str = "activate_bid";
-/// Named constant for method `transfer_validator`.
-pub const METHOD_TRANSFER_VALIDATOR: &str = "transfer_validator";
+/// Named constant for method `change_bid_public_key`.
+pub const METHOD_CHANGE_BID_PUBLIC_KEY: &str = " change_bid_public_key";
 
 /// Storage for `EraId`.
 pub const ERA_ID_KEY: &str = "era_id";
diff --git a/types/src/system/auction/entry_points.rs b/types/src/system/auction/entry_points.rs
index 3252677a85..3ad223383c 100644
--- a/types/src/system/auction/entry_points.rs
+++ b/types/src/system/auction/entry_points.rs
@@ -10,7 +10,7 @@ use crate::{
     PublicKey, U512,
 };
 
-use super::{ARG_REWARDS_MAP, METHOD_TRANSFER_VALIDATOR};
+use super::{ARG_NEW_PUBLIC_KEY, ARG_REWARDS_MAP, METHOD_CHANGE_BID_PUBLIC_KEY};
 
 /// Creates auction contract entry points.
 pub fn auction_entry_points() -> EntryPoints {
@@ -139,10 +139,10 @@ pub fn auction_entry_points() -> EntryPoints {
     entry_points.add_entry_point(entry_point);
 
     let entry_point = EntryPoint::new(
-        METHOD_TRANSFER_VALIDATOR,
+        METHOD_CHANGE_BID_PUBLIC_KEY,
         vec![
-            Parameter::new(ARG_VALIDATOR, PublicKey::cl_type()),
-            Parameter::new(ARG_NEW_VALIDATOR, PublicKey::cl_type()),
+            Parameter::new(ARG_PUBLIC_KEY, PublicKey::cl_type()),
+            Parameter::new(ARG_NEW_PUBLIC_KEY, PublicKey::cl_type()),
         ],
         CLType::Unit,
         EntryPointAccess::Public,
diff --git a/types/src/system/auction/error.rs b/types/src/system/auction/error.rs
index 770ca98f35..2c57a823f2 100644
--- a/types/src/system/auction/error.rs
+++ b/types/src/system/auction/error.rs
@@ -327,12 +327,12 @@ pub enum Error {
     /// assert_eq!(49, Error::TransferToAdministrator as u8);
     /// ```
     TransferToAdministrator = 49,
-    /// Failed to transfer validator bid to new public key.
+    /// Failed to change validator bid public key.
     /// ```
     /// # use casper_types::system::auction::Error;
-    /// assert_eq!(50, Error::TransferValidatorBid as u8);
+    /// assert_eq!(50, Error::ChangeBidPublicKey as u8);
     /// ```
-    TransferValidatorBid = 50,
+    ChangeBidPublicKey = 50,
 }
 
 impl Display for Error {
@@ -388,7 +388,7 @@ impl Display for Error {
             Error::AuctionBidsDisabled => formatter.write_str("Auction bids are disabled"),
             Error::GetAccumulationPurse => formatter.write_str("Get accumulation purse error"),
             Error::TransferToAdministrator => formatter.write_str("Transfer to administrator error"),
-            Error::TransferValidatorBid => formatter.write_str("Validator bid transfer error"),
+            Error::ChangeBidPublicKey => formatter.write_str("Validator bid transfer error"),
         }
     }
 }
@@ -470,7 +470,7 @@ impl TryFrom<u8> for Error {
             d if d == Error::AuctionBidsDisabled as u8 => Ok(Error::AuctionBidsDisabled),
             d if d == Error::GetAccumulationPurse as u8 => Ok(Error::GetAccumulationPurse),
             d if d == Error::TransferToAdministrator as u8 => Ok(Error::TransferToAdministrator),
-            d if d == Error::TransferValidatorBid as u8 => Ok(Error::TransferValidatorBid),
+            d if d == Error::ChangeBidPublicKey as u8 => Ok(Error::ChangeBidPublicKey),
             _ => Err(TryFromU8ForError(())),
         }
     }