Auction Definitions – ABC Auctions Zambia

Lot End Time – Auction end times are the time at which the first lot on a auction is scheduled to close for bids. Lots thereafter may have staggered end times to enable bidders time to place other bids. Bidders are encouraged to check the end time of each lot to ensure they do not try bid after a lot has already closed. Each lot has a countdown timer to enable easy reference of the time left. NB. Slow internet connectivity may affect the countdown timer on the device being used and waiting for the last moment to bid is not advisable.
Bid Extensions – End times are scheduled times set at the time of the auction being created but are subject to change at the auctioneer’s entire discretion and in the case where a bid is placed within the last ten minutes of the scheduled end time of a lot, the timer will reset to add a further ten minutes from the time of the last bid. Any further bids thereafter will continue to reset the timer to add ten minutes after any such bid. Bidding on each lot will cease when a bid has not been received for ten minutes after the last updated end time.
Max Bid - Bidders may place a “Max Bid” of more than the current bid increment to authorise the auction system to bid on their behalf up to and including the selected max bid value selected. Should more than one bidder place the same max bid on the same lot the bidder that placed the max bid first will be deemed the highest bidder. Bidders are encouraged to confirm that after they have placed a bid that they are in fact “WINNING” and not “OUTBID” as can be the case if another bidder has placed a max bid equal to or in excess of their bid.
ESTIMATE (Est.) – The range between which the auctioneer has estimated the sale price of the lot to be.
STARTING BID – This is the minimum amount that bidders can place a bid at on a lot before any other bidder has placed a bid.
CURRENT BID– This is the current bid amount placed by the current winning bidder. NB. In the case that the current winning bidder has placed a max bid of higher than the Current bid at which they are winning, any bid placed equal to or below their max bid will display as OUTBID.
OUTBID – If a bidder has placed a bid and then been outbid by another bidder the lot will display “OUTBID” and detail their losing bid and the current winning bid.
WINNING – Should a bidder be the current highest bidder, “WINNING” will be displayed along with their current winning bid displayed as “Bidding (Currency)X,XXX.XX and their set Max bid.

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