iVyapaar Auction Logic
All the actionable events are available for Register users to view. Normal user can see the abstract details of product. In order to view the complete details of a product and participate in the bid, the user has to register. On successful submission of the registration form to bid a particular auction, the account will be reviewed.
iVyapaar may hold money on your credit card during the Auction code approval process.
This insures that you will pay for all your purchases that you bid on. Once you pay for your items or decide to leave the auction without purchasing any items, your deposit is immediately returned to you. If you do bid and win, your deposit is applied to the purchases.
Once the iVyapaar Admin approve the buyer, the buyer will receive a confirmation email with complete login details with temporary password. Registration process will generate an Auction registration ID unique for the bidder for a particular auction.
Once buyer will Login with the Auction code provided for a particular Auction, he can see the complete product details along with all current bid in real time. This includes the product description, features, ratings, reviews and auction details like bid details (W.R.T Account Number) in real time.
Any buyer can request for a product sample (if available) within a time window before the auction for a minimal price and shipping cost.
Every Product is defined with:
Time left: real time dynamically changing Bid remaining time
Reserve price or Minimum bid price: buyer need to place on the first bid price.
Minimum lot or quantity: buyer has to place the Bid above the minimum quantity
Minimum Increment Amount: Buyer needs to increase his bid price greater than the min increment value to outbid others
Total lot /quantity: Available for the auction. 1 in case there is only 1 item or lot. Usually lots are identical unless otherwise specified. For non-identical lots (like cattle auction different lots will be different set of cattle, the auction rules will be slightly different.
Total price: will auto calculated on the basis of Bid Price and Quantity requested
Auction bidding will take placed within stipulated Time limit (usually 60 minutes). One can place his 1st bid before the auction and still be absentee bidder. If no one out bids that amount, he will win even without playing the auction during the auction period.
If any buyer will bid in the last 5 min before the bid completion time, the remaining time will automatically be incremented by extra 5 min of total duration. This feature prevents "sniping" and allows all bidders an equal opportunity to be the high bidder if they so choose.
bids should be placed more than the Minimum bid Amount. The reasoning behind minimum bid price Next bid should be greater than or equal to current best bid Price (Price times quantity) plus the minimum increment price. i.e., Next bid >= Current best bid + Minimum increment amount Buyer can see the latest Best bid on product description page in real time.
P*Q -> Bidding price can be a multiple of Price time quantity (number of lots if there are multiple lots)
The bid price can be modified by incrementing the Bid Price or Quantity. Buyer can place the next best bid by incrementing the Bid Price or Bid Quantity or both. The highest value of Price times Quantity wins.
You are not allowed to lower your Amount (PXQ, i.e., either price or lot/quantity) with a new bid.
Remember the buyer has to also pay the Buyer’s premium (usually from 5-7% of the winning bid amount), Taxes and Shipping Cost is in addition to the winning bid amount to get the items.
Buyer can participate in the bidding process during the auction window (usually 1 hour). Buyer can see his bidding history in bidding report.
When the bid time ends, Administrator will view all the bid details against a product. Admin will notify the winner(s) thru email from iVyapaar.com based on the Best Bidder of that Auction report generated by the system. We will send your invoice by e-mail within a couple of hours after the auction closes.
If there are more lots than the buyers bid for, there can be possibly be multiple winners. Winners will be preferred in the order or their highest bid amount.
Note: If you are the lowest bidder among the winners at the close of an auction and your total quantity cannot be fulfilled, you will win a partial quantity.
Some products have buy now option. If the buyer utilized it, he can pay the Buy now price and purchase the item before the auction.
Buy now option will be disabled some time (usually 2 days) before the actual bid starts. If all items are purchased by buy now option prior to the auction, the auction will end.
- iVyapaar.com makes every effort to ensure system availability. However, iVyapaar.com reserves the right to close an auction prior to, or extend it beyond, the posted closing time. This may be done at our discretion and without warning.
- iVyapaar.com is not responsible for incomplete, failed, garbled, scrambled, delayed or misdirected computer transmissions due to technical computer hardware or software failures or other errors or problems of any kind, whether mechanical, human, electronic or otherwise, which may limit a user's ability to bid in any auction.
- Know what you are bidding on by closely inspecting each item before the auction. This is why an auction preview is offered. Use your own evaluation as your bidding guide, not the auctioneer’s description or other bidders' comments. You are buying the merchandise "AS IS" with no guarantees of any kind from the seller or auctioneer. The risk of the item not being what you wanted should be factored into your bidding amount.
- Personal Dashboard A fast-moving auction benefits both buyers and sellers. Auctioneers have the right to reject any bid amount that would slow the bidding. Auctioneers cannot wait for slow bidders, so know in advance what to buy and how much to spend.
- You become an instant winner if you choose the Buy Now option. Buy Now automatically outbids traditional winning bids.
- It is the policy of iVyapaar.com to monitor bids and other activity to ensure the proper use of our site. iVyapaar.com reserves the right to reject any bid and/or order at its sole discretion and without limitation. Bids and/or orders can be rejected for any reason, especially those containing inaccurate, incomplete or unverifiable information, or information which is deemed to have been given in bad faith.
- iVyapaar.com uses several monitoring and verification systems to screen for suspicious bids and orders. Such orders are subject to investigation and cancellation at iVyapaar.com discretion at any time. We apologize for any delay this may cause in processing of any legitimate order, but this process insures the protection of iVyapaar.com customers and itself.
- It is a violation of law to submit bids using a false name, credit card or any other fraudulent information, and such orders may not be processed, even if we initially accept such a bid. Submission of such orders can result in substantial legal and/or criminal risk to those individuals involved.
- Be aware that even if you give us a falsified name, your web browser transmits a unique Internet address to us, which can be used by law enforcement officials to identify you.
- It is iVyapaar.com policy to prosecute those individuals believed to be participating in fraudulent activity to the fullest extent of the law. Currently, the FBI, CIA, US Secret Service, and local law enforcement agencies are responsible for investigating Internet fraud cases..