FAQ - Auction Terms
What is an Absolute Sale
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. Auction Sales subject to court approval will be noted in the auction description.
What is a Bid Alert?
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.
What is a Reserve Price?
A Reserve Price is the minimum price the owner will accept for the item. 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.
What are the Terms and Conditions for participating in Intellectual Property Auctions?
The Terms and Conditions are disclosed before registration. Read the Terms and Conditions
How will I obtain title or transfer instructions for the property I purchased?
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.
What is a Proxy Bid? Is it allowed?
If you wish to 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.
What are the Bid Increments?
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$2,500 |
| US$250,000 to US$1,000,000 | US$5,000 |
| US$1,000,000 and Above | US$10,000 |
Is there a rigid closing time for online bidders?
V 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.What is the Next Allowable Bid?
It is the next lowest price you can bid to become the current highest bidder.
Didn't find an answer to your Auction Question?
E-mail us at: info@ipauctions.com
FAQ - Payment Terms
What are the Payment Terms for the successful bidder?
At the close of the auction the successful bidder will be notified by e-mail that they have two (2) business days to wire funds to our Trust Agent for the successful bid price (plus the 10% Buyers Fee, when required and noted in the terms of sale.) 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 July 31, 2006.
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