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| Auction Rules - Online Auctions |
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For a full list of the online terms and conditions, click here
to view the Bidders Agreement. The rules below provide a summary of the online auction rules.
GraysOnline's online auctions are auctions held on the Internet, where a product lot consisting
of one product or group of products goes up for auction at a starting
price. You attempt to outbid other buyers by offering more money for one
or more listed items in the lot. At the end of the auction time period, if
there are no new bids for 10 minutes, the products go to the highest
bidder(s) at the price they each bid.
Bid Precedence
Bids placed at online auctions follow this order of precedence: bid price over bid quantity over
initial bid time. In other words, if two or more bids are for the same
price, the higher quantity will take precedence. If two or more bids are
for the same bid price and bid quantity, the time the bidder placed their
first bid on that lot takes precedence. Please note that Bid Precedence does not apply when an Autobid is placed.
For example, let's say we auction four computers at an online auction and there are initially two bids:
one at $100 for three computers and one bid at $100 for one computer.
If a new bidder bids $120 for one computer, that bidder becomes the highest
successful bidder, leaving three computers to assign to lower priced bidders.
The bidder at $100 for three computers will remain successful because
of greater quantity. The bidder at $100 for one computer will be bumped
from the successful list. If both these bidders had bid for two computers,
then the bidder with the earliest initial bid will remain successful.
Therefore, it is important to get your bids in early to help you win in a tie situation.
Minimum Bid Price (only offered on selected online auctions)
The minimum price in the price popup on the bid form is set to the lowest value that can conceivably
result in a successful bid (given adequate quantity and an early
time of first bid). The default price in the popup (which will be accepted
if you do not use the up-arrow or down-arrow to change that price) is
set so that your bid at an online auction will be on the successful list
(pending further bidding) regardless of quantity or time of first bid.
If you decide to use the up-arrow to bid at the minimum possible price, you may receive
a message that your bid was not successful due to quantity or time of
first bid. In this case, you will either have to raise your quantity or
bid at a higher price. If another bidder bids moments before you, you
may also be unsuccessful even at the default price. If your bid is not
successful, you simply click on the return link to edit your bid and try
again.
Online Auction Closing
Typically, auctions are over at their posted times. There are some
exceptions to this, however. If there are any bids within 10 minutes of
the close of the online auction (the "Going, Going, Gone!" period).
If there are any bids on a particular lot/item within 10 minutes of the close of
the online auction (the going, going, gone period), the auction will continue to be
extended until there are no more within the Refresh Period.
For more details about the “Going Going Gone!” period please refer to the
Bidders Agreement.
There is no limit to the number of times an online auction can be extended. This makes
GraysOnline work more like a live auction where the bidding doesn't stop as long
as there is still interest in the product, rather than assigning an arbitrary
cut-off time. This means it is a good idea to watch the action as the
auction nears closing time and to check back often.
Other Auction Rules for Online Auctions
- All bids placed at
online auctions are made on a per-item basis and amounts may only be increased
by multiples of the bid increment. You are not able to lower your price with a new bid. Neither are you
able to lower your quantity with a new bid as long as you have a successful
bid on the auction. If you want to decrease your quantity, you must wait until someone
outbids your Bid Price, so that your bid is no longer on the successful list.
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Winning bids placed
at online auctions will be dispatched even if they represent a partial amount
of the volume originally bid upon. For example, if you bid on 10 units
and are outbid on 8 units, GraysOnline will deliver the 2 units to you, in relation to which you were successful.
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We may offer the same or similar item in a different auction from time
to time. Each auction is run separately, and the auction methods, warranties,
terms, conditions, and minimum bids may change from auction to auction.
No bid "carries over" to later auctions of like items. If you see a like
item on sale after one closes, or if two of the same item are offered
separately, you will need to bid separately.
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We reserve the right to close an online auction prior to or extend it beyond
the posted closing time. This may be done at our discretion and without
warning.
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We reserve the right to change quantities as posted, and to remove
from sale, or re-offer for sale, items that are disputed or fail to draw
bids at or above the posted minimum.
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GraysOnline makes every effort to ensure system availability. In the event
of technical difficulties, GraysOnline is not responsible for bids that are not
accepted or processed.
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Fraudulent bidders using invalid or stolen credit cards will be prosecuted
to the fullest extent of the law.
Click here to read the complete Bidders Agreement.
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