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CVP Auction
 
 

eCosway CVP Auction Rules and Regulations

eCosway Business Owners and Shoppers can use the Card Value Points (CVPs) that they have accumulated to bid for 1 item per auction in the CVP Auction.

The CVP Auction is unlike most other Internet-based auctions because eCosway is giving out the auction items for free to the highest bidders. There is no selling on the site. Participants can bid on the items up for auction but they cannot offer goods or services for sale in the eCosway auction.

By placing a bid on an auction item, Business Owners and Shoppers agree to accept and abide by the Auction Rules and Regulations listed below.

  1. Intended Audience

    The auction is only open to eCosway's Business Owners and Shoppers in participating countries who have accumulated CVPs from various eCosway programs (hereinafter referred to as "Participants"). Your participation in the CVP Auction is subject to the eCosway Terms of Use.

  2. Your Privacy

    eCosway is committed to protecting privacy. Please refer to our Privacy Policy which is incorporated into and made a part of these Rules and Regulations by this reference. eCosway may change the Privacy Policy in the future and it is your obligation to review this Privacy Policy from time to time.

  3. Auction Commencement and Closure

    The commencement and closing date and time of each auction is determined by eCosway at its sole discretion and will be posted in the auction hall.

    The official date and time for the auction will be the Server Time displayed on the eCosway website.

  4. Interruption to Auction

    eCosway reserves the right at all times to cancel, restart or extend an auction as circumstances dictate or in the event of technical problems. eCosway cannot be held liable for Server Down Time or Participants' inability to access the auction website.

  5. Auction Priority

    Each auction item is given a closing priority number that appears alongside the auction number in the auction hall.

  6. Auction Product Price

    The recommended price for the auction items are correct at the time of publishing and are not influenced by the fluctuation of market prices.

  7. Bidding

    7.1 No Minimum CVP Bid Amount
      Participants may bid any number of CVPs for an auction item. eCosway does not set a minimum number of CVPs for bidding, so bids can start from as low as 1 CVP.
    7.2 Maximum Bid
      Participants may place as many bids as they like but can only bid for one (1) item per auction and can only have 1 active bid at any one time. They will need to withdraw any existing bid before placing a bid on a different item.
    7.3 Secrecy of Bids
      All bids are confidential and the highest bid(s) are not revealed until after the auction is closed and the result is known.
    7.4 Changing Bids
      Participants may change their bids at any time by logging into their Online Office before the close of the auction. eCosway System will compute the date and time of the latest change as the effective date and time of a Participant's bid for an auction item.
    7.5 Tie Bids
      In the event of a tie for the highest bid, the earliest bid received by eCosway shall be the successful bid.

  8. Auction Results

    When an auction is closed, eCosway will verify that winning bidders have enough CVPs to cover their bids. If there are insufficient CVPs in a bidder's account, the System will automatically revise the bid to reflect the actual number of CVPs available.

    For example, four bids are received from A, B, C and D as follows:

    A bids 100 CVPs; B bids 90 CVPs; C bids 80 CVPs,
    D bids “All Available CVPs”.


    When the auction closes, the bidders' accounts have the following CVPs:
    A has 75 CVPs; B has 85 CVPs; C has 86 CVPs, D has 70 CVPs.

    eCosway will consider B the highest bidder,
    followed by C and A, and finally D, because:

    Winning bidder B -- B's bid of 90 CVPs has been adjusted down to 85 CVPs.
    2nd highest bidder C -- C's bid remains at 80 CVPs because he had sufficient CVPs to cover his original bid at the close of the auction. The other 6 CVPs remain in his account.
    3rd highest bidder A -- A's bid of 100 CVPs has been adjusted down to 75 CVPs.
    Lowest bidder D -- D’s bid of “All Available CVPs” is 70 CVPs as these were all he had in his account at the close of the auction.

    (Note: If C had changed his bid to 86 CVPs or “All Available CVPs” before the auction closed, C would have been the highest bidder.)

    Please note that the auction results shall also be subjected to CVP Deduction according to Rule 7.

    The CVP Auction Results page will display the winning bid for each item along with the eCosway ID numbers of the Participants who have placed these bids.

    The auction results will be posted 10 days from the closing date of the auction.

  9. Card Value Point Deduction

    One or more CVPs that are available in a Participant's account on the closing date of an auction might be subsequently cancelled. This can happen if a Participant whose program registration or participation that generated CVP(s) before the closing date of the auction is cancelled or terminated.

    CVP Deduction will be carried out over a period of 10 days following the closing date of the auction.

    If such deductions of CVPs materially affect an auction result, eCosway reserves the right to revise the auction results. A Participant cannot use CVPs earned after the close of an auction to substitute for CVPs that are cancelled for reasons stated above. There are no positive adjustments to CVPs for purchases made or program introductions, registrations or participation done during the 10-day period following the closing date of the auction.

  10. Auction Freight Charges

    Winners are required to bear all freight and tax charges incurred for prize delivery. If the winning bidder fails to pay within the 30 days, he/she will be disqualified and will not be eligible to claim the prize and the CVPs used for the bid will not be returned to him/her.

  11. Notice to Winning Bidder

    Upon determining the final auction results, eCosway will notify each winning bidder only by email based on the contact details on record in the winning bidder’s “My Profile”. Notification is deemed given as of the date and time eCosway sends out the email. Participants should keep their contact details and email address at eCosway updated. eCosway is not responsible for any winning bidder's failure to receive notification for whatsoever reason. If eCosway does not receive a reply from the winning bidder within 30 days from the date of the winning notification email, he/she will be disqualified and will not be eligible to claim the prize and the CVPs used for the bid will not be returned to him/her.

  12. Auction Prize Collection

    Collection must be made within the specific date stated on the winning notification email sent to the winning bidder. If the winning bidder fails to collect the auction item on time, the winning bidder will be disqualified and will not be eligible to claim the auction item, and the CVPs used for the bid will not be returned to him/her.

  13. Prize Delivery

    Please note that winners are required to bear all freight and tax charges incurred for prize delivery. Certain prizes may not be deliverable to certain areas. If we are not able to deliver a prize to a certain area, the winners will be offered an option of receiving cash or a different prize of similar value, or to collect the prize at a selected Sales Centre. Do note that in an event where winners are given the option to receive cash in-lieu, the cash equivalent given will be at 70% of the value of the prize won as published in our auction mall. This is applicable to non-Cosway products only, and the company reserves the right to determine the cash value of all prizes and all decisions made by the Company are final.

  14. Errors and Omissions Excepted

    The accuracy and validity of the information and contents herein is correct to the best of eCosway's knowledge. eCosway shall not be held liable for any error, outdated information and/or any consequence thereof. eCosway reserves the right to amend the contents and information herein without notice.

  15. Disclaimer

    Items, prices and details are correct at time of publishing. While every reasonable effort has been made to portray items in an accurate and up-to-date manner, eCosway reserves the full right to replace any featured item with one of similar retail value and similar model of like kind, quality and functionality without prior notice.

  16. eCosway's Rights

    eCosway reserves the right without assigning any reason to exclude any Participant from bidding in the auction.

    eCosway also reserves the right to vary and amend the Auction Rules and Regulations without prior notice. The relevant changes or amendments will be posted on the auction website and shall take effect immediately upon such posting. To ensure that you are always aware of the current version of the Auction Rules and Regulations, please click on the "Auction Rules and Regulations" on the auction website. YOUR CONTINUED USE OF THIS WEBSITE AND THE SERVICES OFFERED HEREIN FOLLOWING eCOSWAY'S POSTING OF ANY CHANGES OR AMENDMENTS WILL CONSTITUTE YOUR ACCEPTANCE OF SUCH CHANGES OR AMENDMENTS. IF YOU DO NOT AGREE TO ANY CHANGES TO THESE AUCTION RULES AND REGULATIONS, DO NOT CONTINUE TO USE THE SERVICES OR THIS WEBSITE.

    The Auction results are deemed final. eCosway will not entertain any appeals against its decisions on auction results.
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