Auction rules

5 minutes Rule

In the event a Bid is placed up to 5 minutes before the prescribed closing time of the given Bidding, the Bidding period shall be extended by 5 minutes starting from the prescribed closing time. In the event further Bids are placed, each Bid shall postpone the closing time of the Bidding by another 5 minutes.

Minimum Price Rule

This rule applies where the Specific Terms for the given Lot so provide. If so, during the Bidding the User shall be informed that his Bid is lower than the Minimum Price by means of the following message “Minimum Price not reached”. In the event the Bid placed by the User is higher than the Minimum Price, the User shall receive the following message “Minimum Price reached”. In the event none of the Bids reaches at least the Minimum Price, the Seller shall not be obliged to sell the Lot, Lots or Combination of Lots under the Bid.

No Offer Rule

In the event no Bid is placed in the given Bidding, the period of the Bidding shall be extended up to the close of the last Bidding in the given Auction.

Combination Rule

This rule applies where the Specific Terms for the given Lot so provide and describe the given Combinations of Lots. If so, then upon the close of the Bidding for the particular Lots in the Auction additional Biddings for some or all of the Combinations of Lots in the given Auction may, but do not have to, be held. For the purposes of determining the Best Offer it is established that Bids for Combinations of Lots have priority over the Bids for individual Lots constituting the given Combination..

The principle of automatic and static bid

There are two kinds of bids. Static bid that specifies a fixed amount for a lot and Automatic bid, which determines the maximum amount you're willing to pay for lot. In the case of an automatic bid auction system adapts itself to the minimum required bid as other bids occurs. This process continues automatically until it reaches your maximum amount of your bid.

Automatic bid has a higher priority than the Static one. This means that if another bidder is bidding static for the same amount you've previously made ​​at the automatic - automatic bid wins.

In the case of two automatic bid with the same values ​​- winning bid made ​​earlier.

You can cancel the automatic bid by making a static bid of the next accepted bid step.

Differentiation closing time

To enable tenderers to review all lots on the day of the auction closing we give different closing times to biddings of lots and combinations.