How It Works
Register and Sign up as a user on EesAuction.Com and create your password.
Verify your information and the system will automatically create a personalised dashboard.
Fund your e-wallet with an initial amount of not less than One Thousand Naira (N1,000) and your are ready to bid.
HOW TO BID IN EESAUCTION
EesAuction is a very unique and novel auction process specially developed by EesAuction, which is based on the combination of time factor and chance.
identify an item of interest
click on the “Bid Button” to bid
the auction is time-based, so bidding commences at a particular time, and the timer counts down to zero.
the Bidder with the last valid bid exactly when the timer drops to zero is the last and highest Bidder in the auction.
the last and highest bidder WINS the auction.
the identity of the winner of the auction is automatically and immediately announced and displayed on the website at the close of the auction.
BID VALUE AND COST
EesAuction is a special value added deposit auction
Bid Value is the value addition cost and consideration for each bid that a bidder makes in the auction, which is clearly displayed beneath, beside or on the “Bid Button”.
EesAuction determines the bid value of each auction item, and is based on the Actual Value or Worth of the product or item.
For every bid made by a Bidder, the bid value is deducted from the Bidder’s e-wallet.
the bid value is non-refundable. The Bidder may click as many times as he desires; the more strategically he bids, the better his chances of winning the auction, but the is advised to be strategic in his bids.
EesAuction is time-based auction that commences and terminates at a particular time, therefore the timing for entry into the auction is a critical factor in bid process:
A Bidder may wish to join the auction and bid only at the last minute or second, it is the Bidder’s choice.
Each auction time (duration) is divided into three (3) segments. For example:
for an auction with one (1) minute duration, the time is divided as follows: First fifty percent (50%) of the auction duration (second 1 to second 30) is referred to as “the Wiseman Entry” period (First Segment);
The following thirty-three point three percent (33.3%) of the auction duration (second 31 to second 50) is the “Smooth Roll” period (Second Segment);
The last sixteen point seven percent (16.7%) of the auction duration (second 51 to second 60) is the “Super-Premium” period (Third Segment);
A Bidder who joins the auction within “the Wiseman Entry” period (First Segment) attracts and is entitled to the normal bid value (1x) per bid throughout the auction.
A Bidder who joins the auction within the “Smooth Roll” period (Second Segment) attracts twice (2x) the bid value per bid throughout the auction.
A Bidder who joins the auction within the “Super-Premium” period (Third Segment) attracts thrice (3x) the bid value per bid throughout the auction.
Entering the auction and bid process too close to the end of the auction may be refused.
TIMING AND TIME ZONE FOR AUCTION
All dates and timings of the auction are purely indicative, and may be altered, postponed or cancelled outrightly by EesAuction.
All indicated dates and times are based on WAT (West Africa Time) unless stipulated otherwise.
WISH BID OPTION
There is a “Wish Bid” option that enables your register and indicate your interest in participating a particular auction item
The wish bid secures your chance to bid with the actual or minimum bid value, even if you enter the auction subsequently at the “Smooth Roll” period.
A “wish bid” cost one bid value.
The “wish bid” option closes minutes or hours before the commencement of the actual bidding/auction.
EesAuction reserves the right to close the bid wish at any time before the actual commencement of the auction.
EesAuction has the right to refuse, accept or cancel any wish bid before the commencement of the auction without any explanation.
THE “HAMMER PRICE”, BUYER’S PREMIUM, SALES TAX, ETC.
In auction, “hammer price” represents last valid bid offer made by the winner of the auction. It is also known as the purchase price and may include the Buyer’s Premium, any other Buyer’s Fee, the sales tax, as may be applicable. In EeaAuction the “hammer price” represents:
The opening price or offer for the item as set by the EesAuction or the Seller
The last and highest valid bid offer made by the winning bidder.
The purchase price for the item purchased, which may be the sum of the hammer price, the Buyer’s Premium, any Buyer’s Fee, the sales tax, that may be applicable, or the sum of any combination of the above, etc.
A Buyers Premium is a predetermined percentage or flat fee added to the highest bid price to achieve the contract sales price.
Not all items auctioned under EesAuction platform requires the payment of buyer’s premium.
All winnings, hammer price or closure sum, howsoever described, are subject to taxes and levies that may be imposed by governments and Taxes Authorities
WINNING, CLOSURE OF AUCTION, COLLECTION OF ITEM
At the end of every auction, a winner will emerge as the last, latest and highest Bidder.
The user identification of the winner will be automatically and immediately display beside or beneath the product or item and also on the list of winners.
A notification, with a tracking reference code, is automatically sent to your personal email address and dashboard.
The winner is expected to close the bid by paying the “Hammer Price” (the last and highest valid offer) within 3 “Working Days” to EesAuction’s “Designated Bank Account”.
Payment is verified within 24-hours of a working day.
Upon verification, item or product will be collected by the Winner within 48hours at a Collection/Delivery Centre designated by EesAuction within the collection city registered by the bidder.
Where the winner fails to close his bid by paying the hammer price within 3 days as required under the Rule he is deemed to have forfeited his bid and an his right to the auction will be foreclosed.
PICKUP, PLACEMENT ON OUR AUCTION STORE, CONSIGNMENT, ETC
Every auctioned item is picked up by the Bidder/winner from a designated pickup centre in the city of choice indicated by the bidder during registration.
Collection centres most times are known third party stores or shops.
EesAuction manages the pickup date, time and schedule.
pickup must be within 5 working days from the date of closure of bid and notification of pick up centre. If the Buyer determines that he is unable to pickup during time scheduled, he must contact EesAuction within 24 hours prior to the expiration of the pickup date
EesAuction may determine if alternate arrangements could be made and will be subject to all related transport, labour and/or storage fees.
Any item not picked up by a Buyer within the scheduled pickup deadline shall be subject to demurrage, or may be disposed, sold or destroyed by EesAuction without any further obligation towards the Bidder.
PROCEDURE DURING PICKUP AND DELIVERY
During pickup or delivery of the auctioned item or product, EesAuction shall complete a mandatory procedure.
Videos and audio recordings shall be made and/or photographs taken of the Winner/Buyer or his representative.
BUYOUT & SELL OFF SERVICES
A Winner/Buyer may wish to sell the product before or after the closure of his bid.
winner who has not closed the bid
A winner, upon realising that he may not be able to financially close his bid within the 3 days required by the Rules, may indicate so to EesAuction before the expiry of the 3 days, using the “Buy Off” link; where the Winner indicates his inability to close the bid and wishes to sell off, the offer is to EesAuction alone, who would negotiation with the Buyer; the amount EesAuction may buy off the item shall not exceed sixty percent (60%) of the advertised value of the item at the time of the auction.
EesAuction shall within 48hours of receipt of such offer indicate its unwillingness or otherwise to buy off the product.
Should EesAuction decline the offer to buy off the item, the Winner/Buyer shall have fresh 3 working days to close the bid.
Winner who has closed the bid
A Winner who has closed his bid (by paying the hammer price), may offer his item for sale to the public using the EesAuction “Sell Off” link.
The Winner would be connected to a potential buy, who will negotiated directly with the Winner.
During the selloff window, EesAuction shall retain the item until the selloff is successfully concluded or aborted. The retention is to secure the item, integrity of the selloff transaction and process of EesAuction.
For any selloff transaction on the EesAuction platform, EesAuction shall be entitled to ten percent (10%) of the selloff price agreed between the Bidder/Seller and the Potential Buyer.
Once a Winner activates the selloff process of an auctioned item of product on EesAuction website, EesAuction is deemed to have connected the Winner with a potential buyer.
If the Bidder decides subsequently to stop the selloff process before the actual conclusion of the selloff, the Bidder shall pay EesAuction five percent (5%) of the advertised value of the item as success/finder’s fee for connecting the Bidder with a potential buyer and in such case, the five percent shall be paid to EesAuction upfront before the item is released.
FUNDING OF E-WALLET, WITHDRAWALS AND CLOSURE OF ACCOUNT
The Bidder has the respossibility to increase the credit balance of his Account through any of the payment methods made available by EesAuction.
The initial registration amount of One Thousand Naira (N1,000) cannot be withdrawn.
The Bidder maywithdraw eighty percent (80%) of the available credit balance of his Account using the same payment method provided upon registration, or any other payment method adopted subsequently by the Bidder once the full and appropriate verification has been completed.
A Bidder may decide to close his account, where he so decides, the maximum withdrawal shall be 80% of his account balance at the date of such application and after deductions of liabilities if any. The balance of twenty percent shall be non-refundable charges.
Withdrawals will be remitted only to the same account from which funds was paid or remitted into the Bidder’s account originated and subject to the payment providers’ restrictions.
No withdrawal will be authorized if it appears to be linked with transactions predominantly performed with the purpose of allowing the transfer of money from one payment method to the other.