Topic: Bidding and buying

What is to be considered when placing bids for the types of sale Auction and Trading?

In case of auctions the bidding steps are given. Alternatively it is possible to use the Bidding Wizard. In case of Trading bids higher than the expected price are permitted (for 75%-option higher than 75% of the expected price). They can be subject to a time limit.

How do I auction an item?

Auctions are a classical instrument for the formation of prices in a free market society. The highest bid is successful - the terms and conditions apply to all bidders equally. In order to be admitted to the auction, you need to be a registered user. As a registered user you are permitted to place bids. If your bid is the highest at the closing time of the auction, a sales agreement on the basis of our General Terms of Business is reached. Ownership of the item is transferred to you automatically. You will be notified by email. You may collect your item once the sales price (including surcharge and legal VAT) is paid in full to our account and you have received your confirmation.

How can I withdraw my bid?

The bid of the buyer is legally binding. A withdrawal of the bid is not permitted! Bidding is not a game. If your bid is successful, you are legally bound to accept and collect the item.

What is the difference between auction/trading knockdown?

An auction is knocked-down when the highest bid is reached or exceeded and when the closing time is reached.
If a bid is received within the last 10 minutes prior to the closing time, the closing time is postponed by 10 minutes. The item is knocked-down automatically.
In case of trading, items are knocked-down manually. The seller can choose one of the bids received.

What is the reserve price of an auction?

If this price has not been reached at the end of an auction, the knockdown is subject to reservation.

What is a knockdown subject to reservation?

Auctions are awarded with reservation if the reserve price has not been exceeded. Knockdowns subject to reservation do not comprise the automatic right of item ownership. In case of a knockdown subject to reservation, NetBid will contact the seller (client) and will determine whether or not the client is willing to sell the item anyway.

How long am I bound to a knockdown subject to reservation?

In case of a knockdown subject to reservation the bidder will be bound to his bid for the duration of 7 calendar days. After that, the bidder is no longer bound. NetBid will inform the bidder within this period of time about the decision of the client whether to sell the item or not. As a basic principle it is possible to readmit this item for the auction in order to achieve a higher bid.

How does a knockdown to reservation work in case of a blockposition?

There are blockpositions defined at some online auctions. In this case the knockdown to reservation will be made for all single positions contained by the block and the block itself. The final knockdown will depend on the comparison of the sum of the single reservation knockdown prices and the reservation knockdown price of the block. Highest bidders will be informed after that.

What costs do I have to pay when I receive the knockdown?

All prices are considered net EUR plus surcharge and plus VAT. The surcharge depends on the knockdown price:

0 - 25000	10%
25000 - 50000	9%
50000 - 100000	8%
> 100000	7%

Deviating surcharge agreements are possible and are stated explicitly, if appropriate. The knockdown price and the surcharge are subject to the legal VAT. For buyers from EU countries presenting a valid VAT ID the items are not subject to VAT.

How and when do I have to pay?

The successful bidder is notified immediately after the auction via email. The payment is due upon receipt of the invoice sent by mail at the latest.

When is it possible to view interesting items prior to the auction?

Viewing times are published as part of the item description. Viewing is public, free and will be possible at the published times or on request if possible.

When can I collect the items I auctioned?

You may collect your item once the sales price (including surcharge and legal VAT) is paid in full (see Terms of Payment) to our account and you have received your confirmation.

What is a Bidding Wizard?

As the bidding period may last several weeks, you will probably not be online all the time. For this reason we offer you a personal Bidding Wizard. This wizard is a kind of electronic proxy who places your bids while you are offline. You define your maximum bid - and the Bidding Wizards does all the rest. If your current bid is outbid, the Bidding Wizard will raise your bid within the defined range. Since the first person to submit the highest bid wins the auction, you will always be able to remain a step ahead.

How can I express my interest in certain items?

You are always on the lookout for e.g. CNC lathes or mobile excavators? Just leave your interests in our auction query database. We will notify you if any interesting items are auctioned.

Who is responsible for disassembly/transportation of the auctioned item?

The buyer is responsible for disassembly and transportation of the items auctioned. We can provide a contact list of companies offering disassembly and transportation services to buyers who are not able or do not want to do this themselves.