AUCTION SYMBOL – DEFINITION OF BIDDING

Bidding is the act and the result of bidding : offering something in public tender or auction . The term comes from the Greek word licitatio .

There are two broad meanings of bidding. On the one hand, the concept can refer to an auction or auction process : the sale of a good to the highest bidder. Whoever makes the highest bid wins the bid.

A tender is also developed when an entity makes a need public and requests proposals to satisfy it. Once it receives the offers , which must meet the requirements established in the bidding conditions, it evaluates them and selects the most convenient one. Thus there is an offer that is the winner of the bid.

These tenders are usually carried out by state agencies . Suppose a government wants to build a highway. To determine which company will be in charge of the work, open a tender. All companies interested in winning the project must indicate for how much money they are willing to develop the work and other details. When the bidding closes, the government in question studies the options and chooses the one it considers most suitable.

With regard to the phases of the tender, each country has its own rules ; Even within the same country there may be differences depending on the object and the amount, for example. On the other hand, a private company can develop its own rules and then carry out a totally legal and transparent tender.

That said, we can define some of the most common phases of the tender:

* The specifications (or clauses) are prepared : these must describe in detail the characteristics of the infrastructure that the entity wishes to build or the service it wishes to provide. In general, the specifications are divided into technical, economic and administrative conditions. For its elaboration it is necessary to know the matter in depth. In addition, this initial process takes a long time, which translates into a high cost;

* The call is published : this phase of the tender can be carried out in newspapers of general circulation, on Internet portals that are specifically dedicated to this, by means of e-mails to the companies registered at the corresponding headquarters or in newsletters officers;

* Offers are presented : generally, they consist of a technical and an economic part. It is possible to demand a deposit or guarantee from the bidders, which does not usually exceed 2% of the contract amount. This money is returned to non-successful bidders and is held to successful bidders until the contract is completed. There are those who do not demand the guarantee in this phase, but they do it later, only to the successful bidders;

* Offers are evaluated : once the offers that do not meet the pre-established requirements are discarded, the others are evaluated following a criterion established in the specifications. Although price is the most important of the parameters, it is not usually the only one (it is in the auction). Each parameter receives a score according to its degree of fulfillment of the conditions;

* award : the work or service in question is awarded to whoever made the offer with the best score;

* The contract is formalized : it is signed by the organization that calls the tender and the successful tenderer, based on the specifications and the offer.

The specifications conditions represent a series of obligations both for those who summons the tender and the rest of the participants. The bidders must comply with them and the convenor cannot change them in the middle of the tender, unless until the “award” phase. For example, if you don’t like the winning company, you have no right to cancel the process. Instead, you can do it if no one shows up or if none of the participants meets the conditions.

Specific event alerts notify you when there are important changes to the auction or other sale. This includes changes in dates and locations, updated data catalogs, and more details. To create an alert, go to the auction details page and click on “Send Alert if there are changes” at the bottom right of the page (in the gray box). In this way, your email will be incorporated into a list that will be used if there are significant changes. Email alerts will be sent if necessary by GoIndustry DoveBid. NOTE: If you are NOT logged in or do NOT have a user account, you will see a link to “Register now to be informed of future sales”. This link will redirect you to the GoIndustry DoveBid Alerts page.

Auction Close Types

To assist buyers and sellers we offer three differing auction close types, concurrent, block and sequential. Full details of which type will be used on a given sale will be outlined on the sales page.

Concurrent Close:

All lots in this sale will close at the same time on a given date.

Block Close:

Specified blocks of lots (eg: 1 to 200, 201 to 400 etc) will all close at the same time on a given date starting with the first block. Subsequent blocks will close at specified intervals as detailed on the sales page.

Sequential Close:

Lots close sequentially commencing with lot 1 with each subsequent lot closing at a time as stated on the sales page. As an example, Lot 1 closes at 3.00pm with each subsequent lot closing 1 minute in the future. So Lot 1 – 3.00pm, lot 2 – 3.01pm, lot 3 – 3.02pm etc.

The close time for a particular lot will always be shown on the lot catalog and the lot details page. Lots receiving a bid within the final 10 minutes of the sale will automatically be entered into extended time by a further 10 minutes. This time extension will be extended for a further 10 minutes for each bid received within the 10 minute, extension time. Lots not receiving a bid in the final 10 minutes will close (finish) at the stated time. All lots at or over reserve will be invoiced, the balance remaining unsold.

AutoPuja

If you want to bid online, but cannot follow the auction, use the AutoBid tool. Simply enter a maximum price when bidding and AutoBid will bid on your behalf – only going up to the limit that allows you to win the item, without going over the limit set by you.

When you place an AutoBid and the amount is below reserve, the system will display your max AutoBid, less one increment on the website as the current highest bid. This means you will quickly be able to move to reach the hidden reserve as set by the Seller. Where your AutoBid amount matches or exceeds the reserve price, the highest bid displayed on the website will be matching that of the reserve. Any further amount greater than the reserve price, will remain untouched and will only come into play should another bidder challenge your bids.

The reserve price may be decreased to the level of the highest Autobid if that bid is below the current reserve price with the effect that the highest Autobid may be accepted.

NOTE: AutoBid does not work with Multi-unit, Multi-price Auctions .

Example: AutoBid above reserve
Let’s say the current bid on an item is 6,750 and reserve has been met, the applicable bid increment is 250, and you’d be willing to pay up to 10,000 to acquire that item. AutoBid will place the bid for 7,000 so that you are the current high bidder and will bid on your behalf up to the 10,000 amount you have designated. If another bidder bids 7,250 and you are no longer the high bidder, AutoBid will automatically bid 7,500 for you, and will continue to bid on your behalf if necessary up to the 10,000 maximum bid you have designated. If 7,500 is ultimately the high bid, you will have acquired the item for that amount and will have saved 2,500. (Bidding requires an account.)

Example: AutoBid below reserve
Let’s say the starting bid on an item is 1,000, the applicable bid increment is 25, and you’d be willing to pay up to 1,300 to acquire that item. You enter an AutoBid amount of 1,300. If the AutoBid entered is below reserve, AutoBid will place the bid for 1,275 so that you are the current high bidder and will bid on your behalf up to the 1,300 amount you have designated if the reserve is lowered. If another bidder bids 1,325, you are no longer the high bidder and you will be prompted to increase your AutoBid amount to stand a better chance of becoming the leading bidder once again. (Bidding requires an account.)

Absolute Bid

If you want to place a bid that is greater than the minimum next bid, then placing an Absolute Bid will allow you to do so. Absolute Bids gives you a chance to place a definitive bid that will raise the price straight to the amount you entered, ignoring any incremental bidding . This will allow you to increase your chances of being in a ‘winning’ position when bidding. This bidding option will allow you to set the pace of the bidding and you now have a better chance of placing that ‘killer’ winning bid.

Absolute Bids are quite different from an ‘ AutoBid ‘, where a bidder specifies an amount that they are prepared to bid up to and the system determines the minimum amount they need to bid in order to be placed in a potentially winning position.

Example:
Let’s say the current bid on an item is 58,500, the applicable bid increment is 500 and you do not hold the leading bid. The minimum next bid you can place is indicated as 59,000 but you feel you’d rather place an Absolute (out-right) bid of 63,000 as that is what the asset is worth to you. By placing this Absolute Bid, you are taking the current highest bid from 58,500, directly up to 63,000, ignoring all increments. This makes you the high bidder puts you in a potentially ‘winning’ position as you have increased the highest bid to 63,000. (Bidding requires an account.)

Bidder Number (aka paddle number)

Each bidder signing up for an auction event will receive a unique bidder number, sometimes also called paddle number. The number will be used to identify the bidder throughout the auction event.

Buyer’s premium

An additional service charge, for which the buyer will be responsible, will be added to the winning bid in all auctions and some Private Deals. Such charge will be specified in the Notification to Buyers section on the sale page.

Immediate purchase price

A price designated by the Seller that, if paid, will sell the item immediately and close the auction. A Buy Now Price is an optional feature when listing an asset, and if there is no mention of it on an item’s Asset Detail page, the seller has not used this feature. Buy Now create an opportunity for buyers disinclined to wait until the end of an auction to buy. The buy now option will only be available up until reserve have been reach by one of the other two bidding options. Once reserve has been met, the buy now functionality will fall away and bidding will continue until the item reach it’s close time.

In shopping, sellers are also allowed to create fixed price sales, similar to traditional e-commerce. All you have to do is match the Open and Buy prices and the first bid will be the winner.

Conditional sale

Sellers sometimes request a statement of all winning bids before the final sale of their assets. At the end of the auction, GoIndustry DoveBid sends a list of all winning bids to the seller for review. Once the seller has accepted a bid, the buyer receives a final invoice by email. This process may take up to seventy-two (72) hours.

Current bid

The highest Bid. In order for your bid to be the highest, you will need to increase your bid Increase Bid . Current Bid + Bid Increment = Next Bid allowed

Durational Closure

Selected auctions on GoIndustry Dovebid use durational closure. Should a lot close with either 0 bids, or with a highest bid which is below reserve, the lot’s closing time will be extended by an hour. Bidding then continues as normal. Should any bids be placed on that lot within the last 10 minutes of its extended life, the rules of extended time then take over.

Extended time

As part of the online auction process, GoIndustry DoveBid applies “Extended Time”. Start / close times can be automatically extended by an additional 10 minutes when a bid is placed within the last 10 minutes of an auction. This will continue until there are no more bids within the last 10 minutes of an online auction. The auction will only be extended on lots that receive bids within the final 10 minutes. All other lots will close at the specified times.

This is a courtesy service for those bidders with slower Internet connections.

Sale at Fixed Price

The fixed price sale format is used to sell an asset (one or more units) for one price. It is similar to the so-called traditional ecommerce. These assets can only be purchased at the marked price. There is no negotiation. The duration is set by the seller.

Increase

Also called “Next Bid” or “Bid Increment.” The next minimum bid. It can be entered manually by the Seller or automatically generated based on current Bid amount Current Winning bid . Current Bid + Bid Increment = Next Bid allowed

Automatic Bid Increments:

If the current maximum bid is:The increment is:
0 – 495
50 – 49910
500 – 199925
2000 – 3999fifty
4000 – 9999100
10,000 – 24999200
25000 – 49999250
50000 – 74999500
75000 – 999991000
100000 – 1999992500
200000 – 4999995000
500000 – 99999910,000
More than 1,000,00020000

Lot

For online auctions (without auctioneer) it is described as an individual asset or a group of assets sold as a unit for one price. The price is NET without the commission to the buyer or any taxes.

In auctions transmitted over the Internet (via Webcast) and directed by an auctioneer, a lot can be understood as previously indicated OR it can consist of several items purchased at a total price that corresponds to the unit price multiplied by the number of items, with a minimum purchase quantity. To be safe, heed the auctioneer’s instructions.

For example, the auctioneer can sell a minimum quantity of 5 units (“must buy 5” or “a minimum quantity of 5”) for 5,000 “times the amount” of the same. This would be a winning bid of 25,000 (5,000 x 5).

Maximum Offer

There is no maximum bid and all lots will be sold at the highest bid above the reserve price. Buyers will be able to submit an AutoBid as the maximum price they wish to bid, see AutoBid .

Minimum Offer

The Minimum Bid corresponds to a price established by the seller, below which the asset cannot be bid. The Minimum Bid can be the Starting Price or the Reserve Price .

Multiple Lot Auction Format and Multiple Sale Price.

This type of auction is intended for sellers who sell multiple items at multiple prices to multiple people. It is the best way for sellers to maximize their earnings from multiple lots.

AutoBid does not work in this auction format. The bid you enter is the price you will actually pay (as long as it equals or exceeds the ReserveReserve Price , and there are no higher bids for the lot in question).

Unless ALL bidders bid above the reserve price, the bid history will indicate “Reserve not reached”

Example: 3 lathes are for sale for a starting price of 5,000 each and with a hidden reserve price of 12,000 each.

Bidder A bids 8,000 for 1;
Bidder B bids 12,000 for 1 and
Bidder C bids 15,000 for 1.

Bidder B and Bidder C bids will be accepted. Bidder A’s bid will be rejected as the reserve price is not reached.

The next allowed bid will be 8,100 (using standard increments). Also, if the items have not reached the reserve price, the item will be displayed as “Reserve not reached.”

If the auction closes, Bidder B and Bidder C will be awarded one each at the prices offered. REMEMBER, there is no AutoBid and the bid sent corresponds to the price to pay. The system will not automatically increase your bid as in other auction formats.

If Bidder D bids 13,000 for 2 units, Bidder D would buy 2 lathes at 13,000 each. Bidder C would win one for 15,000. Bidder A and Bidder B were outbid. Since all lathes now have bids on the reserve price, the asset will be displayed with “Reserve reached.” The next allowed bid is now 13,200 (using standard increments).

Multiple Lot Auction Format and Single Sale Price.

This type of auction is intended for sellers who sell multiple items to multiple people at the same asking price. This is useful for sellers looking for the simplicity of not having to explain the why of multiple prices to multiple buyers, it is particularly useful when selling hundreds of identical lots.

All successful bidders will pay the lowest winning bid (lowest over Reserve ). The winning bids will be determined by ordering them from highest to lowest by the amount bid. The “last accepted bid” corresponds to the price to pay.

Bidders may reject lots if they do not receive the amounts they requested.

Higher bids are more likely to receive requested amounts; and in the event that there are more buyers than available items, the bids registered (which have been accepted) earlier will be those that receive the items.

Example: 10 lots for sale with a reserve price of 500 each. 9 people bid for 1 lot at 1000 each (AutoBid will bid for 500) and one person bids for 2 lots at 500 each (total bid 1000). All bidders will pay, and the last one (500 for the 2 lots) gets only one.

Example 2: 10 lots for sale with a reserve price of 750 each and a 100 increase. A person bids 2000 for each one (AutoBid places it at 750 each). 6 people bid 1000 each for a lot (again, AutoBid puts the bid at 750 each). Each person bids 750 for each lot.

All 10 lots have bids and the Next allowed bid is now 850. If the auction closed today, all lots would sell for 750 each.

If another bidder bids 1000 for each of the 3 lots, his bid would be accepted for 1 lot (the other 2 would be rejected because there were previous bids for 1000) and all lots would be sold for 1000 each.

Next accepted bid

The minimum price that must be offered to become the current highest bidder.

Online auctions

An Online Auction is a live auction sale carried out that closes at a given time on a given day (unless extended). Each asset or assets for sale are listed in a catalog along with full specification and photographs. Bidders can (free of charge) bid on any or all lots available for sale up until the sale closes in real time from an internet connection anywhere in the world.

Online auctions simplify the process and require very little effort on the part of the seller. GoIndustry DoveBid offers its clients a complete service, including:

  • Personalized marketing campaigns to attract potential buyers
  • Asset cataloging and exact value estimation – this is how descriptions, prices and also photos will be displayed
  • On-site inspection
  • Administration during the auction and management by email
  • At the end of the auction, invoices will be delivered, payments will be made and funds will be transferred to the seller.
  • Asset retirement management
  • Detailed reports

Online Auctions allow you to sell assets (lots) from multiple locations in one sale.

On-site auctions

Also called “Live Auctions”. It is a public auction in a room with an Auctioneer where bidders must travel to the designated location in order to participate.

Exit bid

Also known as “Starting Price”. A required price that the seller indicates and that must be met or exceeded before accepting a higher offer.

Private sales, negotiated sales, liquidations

To place a bid or submit an offer, you must contact the person indicated. The terms of the sale will be negotiated between you and the owner of the asset. A “Private Deal Sale on a Specific Date” involves a negotiated sale with a specific deadline.

Non-face-to-face bids (Bids in absentia)

ABSENT BID: These bids are made by bidders who CANNOT bid on the day of the sale. This applies in the case of live or webcast auctions.

ALL OFFERS ARE FINAL AND BINDING. Please re-read the description and check the quantity before bidding.

No bid includes the commission to the buyer (buyer’s premmiums) or taxes. The commission applied is indicated on the website or in the brochure. These items will be included on your invoice if your bid (s) are correct.

No guarantee is made regarding the use of the auctioned items or their suitability for specific purposes.

PURSUANT TO THE SALE CONTRACT, AND AS PART OF IT, THE BUYER WILL BE SOLELY RESPONSIBLE FOR ARRANGING THE REMOVAL AND SHIPPING OF THE GOOD OR GOODS ACQUIRED.

Remote bids may be subject to a 25% advance deposit. This amount will be discounted from the total in case of being the winners. This amount will be returned to the unlucky bidders.

THE AUCTIONEER DETERMINES THE PRICE. Initial bids (minimum price), increments, and the minimum number of items to be purchased will be determined by the auctioneer when the property is put up for sale. All of this happens in real time.

THE AUCTIONEER DETERMINES WHO WINS. The auctioneer is the one who decides at all times whether to accept offers by proxy. Additionally, the auctioneer’s announcements at the time the lot is sold take precedence over any published material. No person can be sent to replace you at auction house leeds.

YOUR BID (S) MAY DISAPPEAR OR CLOSE EARLY. DO NOT BID AGAIN. Every time an updated asset catalog is added to the web page, all non-face bids associated with the old catalog will be removed from the web page. However, GoIndustry DoveBid will keep a record of this bid (as an email confirmation) and make it available to the auctioneer on the day of the sale.

MINIMUM. The absent bids must be greater than the established minimum (normally USD $ 200.00 per bid). As when processing each absent bid, this process is manual, the minimum is set to discourage many low, unrealistic bids and to ensure that genuinely interested and serious bidders participate. However, many people think you can get a lot worth 1,000 for 200 – consider the realistic value of an item before submitting your bid. To place a bid for BELOW THE MINIMUM ESTIMATE, YOU MUST PARTICIPATE in person on the day of the sale.

AVAILABLE FOR A LIMITED PERIOD. The remote bidding is “deactivated” before starting the sale to allow our staff to prepare the sale; normally 19 hours before, although it may vary according to each case. On the morning of the sale, the Accounting Administrator informs the auctioneer of non-face-to-face bids. GoIndustry DoveBid reserves the right to reject any non-face bid that is submitted incomplete or late.

AUTOPUJA service. The auctioneer will bid for you up to the amount you have indicated to purchase that item. If it only takes 1,000 for you to get it (and your bid was 3,000), you’ll only pay 1,000.

ONLY WINNERS WILL RECEIVE NOTIFICATION IN AN ONLINE AUCTION. If you are winning on an absent bid in a live auction or webcasst (the auctioneer declares his bid to be the highest), GoIndustry DoveBid will send you an invoice within 48 hours of the end of the sale. This invoice will include details and payment methods. If you have NOT won the bid, you will not receive any emails. If you DO NOT receive a bill, you HAVE NOT WON. In a LIVE AUCTION, INVOICES MUST BE COLLECTED AT THE AUCTION PLACE

IF YOU ONLY WANT ONE, BID ONLY ONCE. For “sets” (more than one identical item), the auctioneer will typically set a high bid for “one unit” by receiving bids from room, webcast, and away – in that order.

The auctioneer will allow bidders interested in that price to choose which lot number they want (called bidder’s choice). The highest bids in the room have the first option and those present in the webcast, will go next. If there are items left to sell, the absent bids will be as follows and will be assigned by the auctioneer AT YOUR DISCRETION.

If no one else is interested in individual units at that price, the auctioneer will generally offer groups for sale (for example, three items whose total price will be the unit price multiplied by three). In this example, bidders must purchase three or more units at the highest price set. Proxy bids for individual items will not be recognized if the auctioneer bids multiple items together.

Remember that GoIndustry DoveBid does not release historical sales information. We cannot tell you the amount these items were sold for.

To place an offline bid, you must be on the asset’s data page. To get there, 1) click Lot Catalog from the auction details page; and 2) select the asset you want to bid on.

At the bottom center of the page there is a box. If remote bids are accepted in the auction, you will have the option to enter a price and quantity.

When placing a non-face-to-face bid an email is sent to the Sales Site Accounting Manager (with a copy also for you and for Customer Service).

Quantity

For Multiple Lot auctions, bidders have the option of bidding for one or more units and can specify whether to accept a lower (partial) quantity . If you select “Yes,” you will be assigned as many drives as are available. If you choose “no” (do not select) you are indicating, “I want or all or nothing.” If your bid is exceeded by one or more units, your bid for the whole will be considered exceeded.

Reserve price

The price at which the Seller is obligated to sell the asset. Reserve Prices are set by the seller, are optional, and act to protect the seller’s financial interest in an asset. Reserve Prices are not a valuation of an asset and may be set by the Seller above or below the market price for the item.

As long as the Reserve Price is not made public, bidders can tell if the Reserve Price has been met by looking at the item’s data page.

If the highest bid is below the Reserve Price, the Seller may, at his discretion, sell the asset at that price during the auction, but is not obligated to do so. Bidders on a lot that failed to meet or exceed its reserve may be contacted in this regard following the close of the sale.

Closed envelope auctions

Each bidder submits a single irrevocable bid, without knowledge of the other bids. When the bidding period closes, the bids are opened simultaneously and the seller decides which bid to accept. The winning bid does not have to be the highest. Please consult the specific page of the sale to see the specific terms and conditions.

Single lot auction format

This auction format is used when Sellers want to sell Unit or a Lot for a price to a Bidder. The lot can include multiple items sold as a single unit or they can be a single item. The duration is determined by the Seller.

Sale by Private Treatment

Also called negotiated or private sale. Buyers should contact the appropriate GoIndustry DoveBid personnel to purchase the asset. The lot (s) offered in this format is sold through negotiation between GoIndustry DoveBid and the buyer.

Unit

An individual lot. See Lot .

Watch list

To track bids on certain lots, use the Watch List tool. Very useful for buyers and sellers, it lists the lots of different categories in one place (you need to be registered).

Any number of items from any number of sales can be saved to your list.

To add a batch to your list, click on the “Add to my watchlist” icon at the top right of the batch details page. You will be able to manage your lists from your account page after logging in.

Live / Webcast Auctions -Webcast

Webcast auctions are an innovation introduced by GoIndustry DoveBid that has transformed the traditional indoor auction into a new type of 21st century auction. With this auction, buyers from all over the world can bid on the assets that interest them at the same time as buyers located in the auction room (you need to be registered).

performs two types of Webcast format: (1) Internet and (2) Teleconference .

For sellers, “real-time” bidding creates competition for their assets among buyers from around the world with an internet or phone connection.

Buyers can now bid competitively on assets from their offices, saving time and money on travel. The GoIndustry DoveBid webcast auctions are designed for minimal delay so that bidders can bid even when they are not physically in the room.

All Webcast auctions feature a free asset catalog and also available for purchase at the auction site with photos and asset descriptions.

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