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How the
Amazing $1 Auction Works
You use Value Points to bid for 1 item in the One Dollar
Auction. The winning bidder pays only US $1, all applicable freight
charges for the auction item, and the number of Value Points
used for the bid.
- Select from the items up for auction and click on the "Bid"
button to view details of the item and to place your bid. These
items are "prioritized" according to market value, from highest
to lowest (ie. An auction item indicated as Closing Priority 1
has a higher market value than an auction item indicated as Closing
Priority 2, etc...).
- Enter the number of Value Points that you wish to bid
in the column provided or select "All My Available Value
Points" and click "Bid Now" to submit your bid. You will
need to enter your ID and password if you are not logged-in at
the point of bidding.
- If you wish to bid for some other item, you will need to delete
your previous bid first. To delete a previous bid, go to "See
Bids" under "My Auction Lounge" in your Online Office.
- All bids are private and confidential. We will not disclose
any bid information of any bidders during an auction. Results
of an auction will be posted online once they have been finalized,
after the auction.
- In the event of a tie for the highest bid, the earliest bid
received by eCosway shall be the winning bid.
- You can change your bid at any time until the close of the auction,
but if you do so, the date and time of your bid will be that of
when the change was made.
- At the close of the auction, the bidder with the earliest and
highest bid shall be the winning bidder and entitled to purchase
the auction item.
- The winning bidder shall be notified by email and will be given
30 days from the payment activation date to pay US $1 plus freight
charges for the auction item(s). The winning bidder's Value Points
used for the bid will be deducted by the system.
- If the winning bidder fails to pay within the 30 days, the next
highest bidder will replace him/her as the winning bidder and
shall be entitled to purchase the auction item. The winning bidder
will have to forfeit the difference between his/her winning bid
amount and the bid amount of the next highest bidder who wishes
to purchase the auction item. For example:
Joe made a bid for Item 1 with 5000 VP. He won the item but decides
to forgo it.
Jane, the second highest bidder used 4500 VP. She becomes the
winner by default but does not want the item.
The third highest bidder made a bid with 4000 VP is now the winner
and decides to claim the item.
The VP deducted from Joe's account is 5000 - 4000 = 1000 VP.
The VP deducted from Jane's account is 4500 - 4000 = 500 VP.
- You can view the winning bids by clicking on "View Auction
Results" in your Online Office (under "My Auction Lounge")
or on the left menu bar of the auction page (under "$1 Auction").
Good Luck!
Good Luck!
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To view auction items now, click here.
To view terms & conditions, click
here.
To find out how you get Value Points. |
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