FAQ - Auction Terms
An Absolute Sale is an auction for intellectual property that is ready to be sold to the highest bidder. The Seller is contractually committed to sell to the highest bidder. Most Bankruptcy sales are Absolute Sales. An Auction Sale with a Reserve must equal or exceed the amount set by the Seller for the high bidder to be considered to be sold. If the highest bid at the end of the auction is below the Reserve Price, the owner retains ownership to the item. Reserve prices are not disclosed.
When you register with IpAuctions, you can begin receiving e-mail notices about auction schedules for your preferred Intellectual Property categories. If you are engaged in bidding at an auction, you will receive notices when any new bids are entered.
The Terms and Conditions are disclosed before registration.
At the completion of each auction, the buyer will receive instructions about payment (e.g. wire transfer instructions for payments over $10,000). At this time the winning bidder will also be requested to provide ownership information regarding the transfer of title of ownership. If the sale was the result of a court ordered bankruptcy, the trustee needs the approval of the bankruptcy judge to approve the sale. That approval process gives the buyer title to the item purchased. IpAuctions Inc. will provide detailed assistance to buyers to transfer ownership. Sellers will not receive funds until the transfer is complete.
At the end of the description of each auction, the Terms of Sale indicate if Proxy Bidding is permitted during the sale. If Proxy Bidding is operational, you may set a maximum price you want to pay for an item, you may set a Proxy Bid which is only known to the auctioneer. The system will automatically enter a bid for you to insure you are the current high bidder. If the bidding goes above your Proxy Price, the system will no longer enter a new bid. You may up the Proxy bid, if you wish. If Proxy Bidding is not operational, bidders may enter any bid above the current bid, provided it is above the Bid Increments shown below.
The following Bid Increments are required at the bidding ranges shown:
| If the Current High bid is: | The increment is: |
|---|---|
| US$100 to US$1,000 | US$100 |
| US$1,000 to US$10,000 | US$500 |
| US$10,000 to US$50,000 | US$1,000 |
| US$50,000 to US$250,000 | US$5,000 |
| US$250,000 to US$1,000,000 | US$25,000 |
| US$1,000,000 and Above | US$100,000 |
Last Minute Bids - To ensure all bidders have an opportunity to place a bid higher than the current bid, the system checks for any bids in final ten minutes of the scheduled closing time. If there is a bid placed within this period of time, the system extends the closing by ten additional minutes. If there are no bids in this extended period, the auction closes at the end of this period. If there is another bid, another ten minutes extension is applied. This continues until there are no further bids in the extension period. This ensures all bidders receive an opportunity to submit a final high bid.
Didn't find an answer to your Auction Question? E-mail us at: info@ipauctions.com
FAQ - Payment Terms
At the close of the auction the successful bidder will be notified by e-mail that they have two (2) business days to wire or transfer funds to our Trust Account for the successful bid price. If the total price is less than $10,000 or less, a cashiers or certified check will be accepted. Failure to complete the purchase will result in notifying the second highest bidder that he has become the purchaser.
Revised Aug. 27, 2008
Auctions
Auctions
Resources
..
Get IpAuctions by RSS or XML
Special Tips
Are you selling IP?
IpAuctions can help you market your Intellectual Properties. We specialize in Patents, Trademarks, Copyrights, Mailing Lists, Client and Customer Databases, Domain Names, and Financial Instruments. Our team of experts will ensure you meet all legal requirements.
For more information:
E-mail Info@ipauctions.com
Call Tollfree: 866-826-1300
Professional IP Assesment, Valuation, Licensing and Managment.
www.thinkIPR.com
IP Frontline Magazine of Intellectual Property and Technology
IP Frontline magazine features patents, intellectual property, and technology news & best practices.