General Terms & Use
General Terms & Use
What does “lot of…” mean?
A “Lot” is a group of items being sold as one unit, with one price for the entire quantity disclosed in the “Lot”. For example: a Lot of 10 Stretchers with a price of $1000 means you are purchasing 10 stretchers for $1000.
What is a “reserve price”?
Sellers can set a reserve price when they create an auction-style listing – this is the minimum amount a seller will accept for the item.
This price remains confidential and is not revealed until current bids exceed the reserve. Sellers are not obligated to sell an item if the reserve is not met.
What is “automated bidding”?
When placing a bid, you will enter the maximum amount you’re willing to pay for an item; this maximum bid remains hidden and is never revealed.
BidMed then places bids on your behalf using the automatic bid increment amount (based on the current high bid), only increasing your bid as necessary to maintain the highest bid or meet the reserve price, up to your maximum amount.
If another buyer places an equal or higher maximum bid, we will notify you by e-mail so you can place another bid. Maximum bids remain confidential until exceeded by another buyer.
What is a “max bid”?
When using BidMed’s automated bidding process, a buyer’s maximum bid is the highest value they’re willing to pay for listed assets.
BidMed’s automated bidding process places bids on your behalf using an automatic bid increment amount (based on the current high bid), only increasing your bid as necessary to maintain the highest bid or meet the reserve price, up to your maximum amount.
Submitting a max bid does NOT mean you will pay this much, only that the automated bidding process will stop bidding on your behalf once this value is reached.
What is the “highest bid” and how is it different than my max bid?
The highest bid on a listing is the current leading bid on a listing; the buyer who submitted this bid is considered the highest bidder, and if not outbid by another buyer, will be considered the winner when the listing closes.
The highest bid is often less than a buyer’s max bid because it is only one automatic increment (based on the price of the current highest bid) higher than the next highest bidder’s max bid (or equal to a reserve price, if no higher competing bids have been submitted).
What are “automated bidding increments”?
BidMed’s automated bidding service increases competing bids by automated increments based on the current highest bid on a listing. The incremental values are included in the table below.
|Highest Bid||Auto Increase|