Auction Terms & Procedures
Welcome to Bid Online Live.com!
To allow internet bidders the same advantages as the on site bidders, lots may be offered as one of three different Auction Types:
"One Lot", "Quantity x Price", or "Choice".
1) "One Lot"- This will be the most common way items will be offered. The quantity will always be one, regardless of how many items are in the lot. The successful bidder will pay the Bid price for the entire contents of the lot.
Example: Auction Type- One Lot. Item description: 350 towels Qty=1. If the high successful bid is $100.00, the bidder will receive all 350 towels for $100.00.
2) "Quantity x Price"-Using the "Quantity x Price" auction type the high successful bid will be multiplied by the quantity to determine the total bid price. Please keep in mind when lots are offered using "Quantity x Price" as the auction type you must take the entire quantity at your bid times the quantity.
Example: Auction type= Qty x Price. Item description: 350 towels Qty=350. If the high successful bid is $1.00 the bidder must pay $1.00 x 350 or $350.00.
3) "Choice"- Using the choice auction type the high bidder may choose the quantity desired from 1 up to the entire quantity offered. The quantity desired will be multiplied by the successful high bid.
Example: Auction type= Choice. Item description: 350 towels Qty=350. The successful bidder may select the quantity they desire up to the total quantity. A pop up window will appear on the bidders screen when the item is sold asking for the quantity desired. Bidder will enter the desired quantity and click the submit button. If the high successful bid is $1.00 and the bidder enters a quantity of 100, the bidder will pay $1.00 x Qty 100=$100.00. The quantity entered by the successful bidder (100) will then be subtracted from the total original quantity available of 350, and the auction will resume with a new quantity available of 250. This process will repeat until the entire quantity is sold or the auctioneer moves to the next lot.